这不再是过去小打小闹的扩大名单，而是一次质的飞跃。欧盟委员会主席冯德莱恩亲自定调，直言不讳地指出，这是首次触及俄罗斯天然气行业。这个 词，"首次"，背后是长达两年多的犹豫、博弈与最终下定的决心。 了解这两年制裁历程的人都清楚，欧盟对俄罗斯的能源制裁，一直遵循着一条清晰的"先易后难"路径：先是煤炭，然后是大部分石油，但天然气，始终是那 个不敢轻易触碰的"禁区"。 为什么？因为牵一发而动全身。欧洲，尤其是德国这样的工业巨头，曾深度依赖俄罗斯的天然气。尽管冲突后欧洲极力寻找替代源，但"断气"的痛，记忆犹 新。更重要的是，全球液化天然气市场是一个紧绷的弦，任何对俄气的大规模限制，都可能引发价格海啸，反噬欧洲自身经济。 但如今，欧盟迈出了这一步。虽然目前的措施还留有余地——主要针对通过欧盟港口向第三国的转运业务和技术服务，而非直接禁止进口——但其象征意义 和战略意图已昭然若揭。这标志着欧盟的战略目标已从"限制俄罗斯获得战争资金"升级为"系统性削弱俄罗斯未来的能源出口能力"。他们不仅要掐断今天的 现金流，更要砸掉俄罗斯明天吃饭的锅。 二、 美欧"神同步"，唱的是哪出双簧？ 一、 为何说这次是"禁区"突破？天然气是最后的脸 ...

Core Points - The European Union has implemented a new sanctions package against Russian energy infrastructure, aiming to weaken Russia's ability to fund its war against Ukraine, with a ban on importing Russian liquefied natural gas (LNG) starting in 2027 [1] - The sanctions also tighten restrictions on two major Russian oil companies and impose additional sanctions on 117 vessels that have helped Russia evade previous sanctions [1] - This marks the 19th round of sanctions by the EU against Russia, which had been delayed due to objections from Austria, Hungary, and Slovakia [1] Group 1 - The sanctions are expected to have a significant impact on the Russian economy, making it increasingly difficult for Russia to finance its military actions in Ukraine [1] - The sanctions package includes measures targeting 45 entities that assist Russia in evading sanctions, a ban on reinsurance for second-hand aircraft and vessels, and a comprehensive trading ban on five Russian banks [3] - The sanctions extend to Russian electronic payment systems and third-party banks located in Belarus and Kazakhstan, as well as restrictions on cryptocurrency services for Russian citizens and entities [4] Group 2 - Ukrainian President Volodymyr Zelensky emphasized the importance of the 19th round of sanctions and the need for greater pressure on Russia to achieve a ceasefire [2][3] - The recent developments have reinvigorated Western allies' efforts to impose penalties on Russia, coinciding with U.S. sanctions against major Russian oil producers [1][2] - The sanctions are seen as a collective effort by the EU and the U.S. to send a positive signal to other countries to join in the sanctions against Russia [2]

新华社北京10月23日电 美国22日宣布将制裁俄罗斯最大的两家石油企业，敦促俄罗斯与乌克兰立 即停火。欧洲也就新一轮对俄制裁达成一致。同一天，俄罗斯发布消息说，俄开展了战略核力量演习， 发射了洲际弹道导弹。 制裁瞄准俄能源产业 美国财政部长贝森特22日在一份声明中说，美国此次制裁针对俄罗斯国有企业俄罗斯石油公司和私 有企业卢克石油公司。声明未明确提及制裁生效日期。 据 彭博社估算，这两家企业的原油出口量共占俄罗斯原油出口总量近50%。 贝森特在声明中指责俄方拒绝停火，指认被制裁俄石油企业为俄罗斯对乌克兰的特别军事行动提供 资金。他说，美财政部准备"在必要时采取进一步行动"，以支持总统特朗普为结束俄乌冲突所作努力。 2015年6月17日，图为俄罗斯石油公司（ROSNEFT）在圣彼得堡国际经济论坛的展区。新华社/俄 新 欧盟成员国22日就第19轮对俄制裁措施达成一致，预计23日召开的欧盟峰会将正式批准。根据欧盟 委员会此前发表的声明，本轮对俄制裁主要涉及能源、金融等领域。欧盟将首次禁止俄罗斯液化天然气 进入欧洲市场，并将俄罗斯原油价格上限下调至每桶47.6美元；俄罗斯石油公司、俄罗斯天然气工业石 油公司将面临全面 ...

制裁获得全部欧盟成员国的批准后，欧盟委员会将在接下来几天内正式在《欧盟官方公报》上公布相关法律文 本，届时第19轮制裁将正式生效。 来源：央视新闻客户端 责编：罗晓霞 校 对：王锦程 百万用户都在看 突遭"断供"！美联储，大消息！ 刚刚，利好来了！深圳，重磅发布！ 深夜，暴跌！黄金急速跳水，发生了什么？ 暴涨1600点！日本股市，突然引爆！ 美财政部将制裁俄两大石油公司 当地时间22日，美国财政部宣布将对俄罗斯两家大型石油公司实施制裁，包括俄罗斯石油公司和卢克石油公 司。 美国财政部还制裁了这两家公司在俄的一系列子公司，所有由这两家公司直接或间接拥有50%或以上股权的实 体将被制裁。 欧盟成员国批准对俄罗斯实施第19轮制裁 当地时间10月22日，欧盟轮值主席国丹麦宣布，欧盟各成员国已批准对俄罗斯实施第19轮制裁，制裁措施包括 禁止进口俄罗斯液化天然气等。 据悉，制裁还新增了对俄罗斯外交官的旅行限制，并将俄罗斯"影子舰队"中的117艘船只列入名单。 看券商中国 知天下财经 用 券中社 12 券商中国 × 券 中 社 扫码关注券商中国公众号 扫码下载 券 中 社 A P P quanshangcn 舞#t 券中社 ...

Report Industry Investment Rating - Oil prices are expected to fluctuate weakly, with a medium - term short - position allocation [3] Core Viewpoints - Trump's threat to ban imports of Chinese UCO is unlikely to have a significant impact on US biodiesel production. The adjustment of the tax credit policy in 2025 has significantly reduced the import volume of Chinese UCO. From January to July this year, US imports of Chinese UCO decreased by 43% year - on - year. Due to the US bonded area policy, some imports of Chinese UCO will continue. The reduction in US biomass diesel production will increase US petroleum diesel demand by 130,000 barrels per day in 2025 and about 80,000 barrels per day in 2026 [2] Market News and Important Data - The price of light crude oil futures for November delivery on the New York Mercantile Exchange fell 43 cents to $58.27 per barrel, a decline of 0.73%. The price of Brent crude oil futures for December delivery in London fell 48 cents to $61.91 per barrel, a decline of 0.77%. The SC crude oil main contract closed down 0.70% at 440 yuan per barrel [1] - As of the week ending October 13, the total refined oil inventory at the Fujairah Port in the UAE was 17.812 million barrels, an increase of 1.478 million barrels from the previous week. Light distillate inventories increased by 623,000 barrels to 8.73 million barrels, medium distillate inventories increased by 640,000 barrels to 2.947 million barrels, and heavy residual fuel oil inventories increased by 215,000 barrels to 6.135 million barrels [1] - Russian Deputy Prime Minister Alexander Novak said that global energy demand is growing, Russia has the potential to further increase oil production, but currently has no plan to submit an oil production compensation plan to OPEC. Geopolitical tensions, sanctions, and trade wars pose risks to energy supply [1] - UK Chancellor of the Exchequer Reeves will impose targeted sanctions on two Russian oil companies, Lukoil and Rosneft [1] - Russian Deputy Prime Minister Novak told the Saudi energy minister that joint actions within the framework of OPEC+ are in the long - term national interests of both countries and will strongly promote the economic development of both countries [1] Investment Logic - Trump's threat to ban imports of Chinese UCO is unlikely to have a major impact on US biodiesel production. The 2025 tax credit policy adjustment has reduced Chinese UCO imports. From January to July, US imports of Chinese UCO decreased by 43% year - on - year. Some imports will continue due to the bonded area policy. US petroleum diesel demand will increase by 130,000 barrels per day in 2025 and about 80,000 barrels per day in 2026 [2] Strategy - Oil prices are expected to fluctuate weakly, with a medium - term short - position allocation [3] Risks - Downside risks: The US relaxes sanctions on Russian oil, and there are macro black - swan events [3] - Upside risks: The US tightens sanctions on Russian oil, and large - scale supply disruptions occur due to conflicts in the Middle East [3]

Group 1 - Taiwan has become the largest global buyer of Russian naphtha, despite sanctions imposed by the US and EU on Russia [3][5] - In the first half of 2025, the value of Russian naphtha imported by Taiwan was approximately $1.3 billion, with a monthly import volume nearly six times that of 2022 [5] - Russian naphtha accounted for 45% of Taiwan's total naphtha imports [5] Group 2 - Concerns have been raised about potential US tariffs on Taiwan due to its continued purchase of Russian naphtha, similar to actions taken against India [6] - The Taiwanese government has communicated with Formosa Plastics regarding their procurement of Russian naphtha and has sought the EU's opinion on the matter [6] - The Taiwanese official acknowledged uncertainty regarding supply security and potential future tariffs, stating that if the EU decides not to buy, Formosa Plastics will also cease purchases [7]

Group 1 - The core viewpoint of the article highlights the intensified pressure from the US, Europe, and Ukraine on Russia's energy revenue as a strategic move in the ongoing conflict [1] - Ukraine has shifted its focus to attacking oil refineries within Russia, with a significant increase in drone strikes targeting these facilities since August 2025, resulting in 21 out of 38 major refineries being attacked [2][3] - The situation in Crimea has led to gasoline rationing, with limits imposed on purchases, indicating the impact of these attacks on local fuel availability [4][5] Group 2 - Ukrainian President Zelensky emphasized that targeting Russia's oil industry is crucial for forcing negotiations, stating that the most effective sanctions involve attacks on refineries and storage facilities [6] - Despite difficulties in fuel supply within Russia, oil exports have reportedly reached new highs, suggesting that sanctions and refinery attacks alone may not be sufficient to compel Russia to yield [7][8] - The US is considering further support for Ukraine, including the potential provision of long-range Tomahawk cruise missiles, although there are doubts about the feasibility of this plan [9][10][13] Group 3 - The French Navy recently seized a tanker allegedly part of Russia's "shadow fleet," which is used to transport sanctioned oil, indicating a proactive stance against such operations [14][15] - The "shadow fleet" has doubled in size since the onset of the conflict, primarily to meet the demand for transporting Russian oil, highlighting the challenges of enforcing sanctions [18] - The EU estimates that the "shadow fleet" contributes over €30 billion annually to Russia's budget, which is significant for funding the war in Ukraine [22] Group 4 - The article discusses three potential scenarios for Russia regarding the ongoing conflict, including a complete military victory, a prolonged low-intensity conflict, or a negotiated ceasefire [26][31] - The article suggests that the prospect of lifting sanctions is becoming less significant for Russia, as the potential benefits do not warrant major concessions [36][37] - Public resilience in Russia towards the economic costs of the war is noted, with historical context provided regarding the slow economic growth prior to the conflict [40][41]

Core Points - The European Union (EU) is moving towards a more aggressive stance against Russia, aiming to ban imports of liquefied natural gas (LNG) from Russia by 2027 under pressure from the United States [1] - The EU Commission has proposed a new round of sanctions that includes unprecedented measures targeting various sectors, including energy, finance, and technology, with a focus on energy [1][2] - The sanctions will also affect Chinese entities, with around 12 Chinese firms potentially facing restrictions on trade with EU companies [5] Energy Sector - The proposed sanctions include a complete ban on importing Russian LNG and a reduction of the price cap on Russian crude oil to $47.6 per barrel [1] - The EU plans to impose sanctions on 118 vessels of Russia's "shadow fleet," increasing the total number of sanctioned Russian ships to over 560 [2] Financial and Technological Measures - The sanctions will expand the trading ban on Russian banks within Russia and third countries, and for the first time, will include restrictions on cryptocurrency platforms to prevent sanction evasion [2] - New direct export restrictions on military goods and technology are also proposed, with 45 Russian and third-country companies set to be added to the sanctions list [2] Impact on Chinese Entities - The EU has prepared a sanctions list that includes approximately 12 Chinese entities, which would prohibit EU companies from engaging in any business with them [5] - Two Chinese petrochemical companies are also facing a complete trading ban with EU companies regarding oil and gas [5] Internal EU Disagreements - There are significant divisions within the EU regarding the sanctions, particularly from Hungary, which opposes the early cessation of Russian fossil fuel imports due to concerns over national energy security [6] - The approval of the sanctions requires unanimous consent from all 27 EU member states, and Hungary's energy security concerns may pose a significant obstacle [6]

Gold - The Federal Reserve lowered interest rates by 25 basis points on September 18, with projections indicating two more 25 basis point cuts in the upcoming meetings, targeting a rate of 3.4% for next year, which is less than investors expected [1] - Wall Street believes that the rate cuts will occur faster than the Fed's projections, with futures markets betting on a drop to 3% by the end of next year, significantly lower than the Fed's forecast [1] - Technical analysis shows a bullish trend for gold, with a strong likelihood of further increases, and short-term support at $3,695 [1] Oil - OPEC+ has accelerated production since April, with cumulative increases exceeding the voluntary cuts of 2.2 million barrels per day planned for November 2023, ending a year earlier than expected [2] - The U.S. Energy Information Administration reported a 4 million barrel increase in distillate inventories, raising concerns about oversupply [2] - Technical analysis indicates a bearish outlook for oil, with a potential drop below $61.50 leading to a target of $55 [2] Dollar Index - New Fed Governor Milan emphasized the Fed's independence and the need for objective economic data interpretation, suggesting a rate cut of over 100 basis points by year-end [3] - Minneapolis Fed President Kashkari noted that a weak job market influenced the September rate cut decision, with further cuts likely in upcoming meetings [3] - The dollar index rebounded strongly post-Fed meeting, with resistance at the 97.80-98 range and key support at 97.23 [3] Nikkei 225 - The Nikkei 225 has maintained a strong bullish trend with high volatility, indicating a high probability of breaking previous highs [4] Copper - Copper prices experienced a pullback from $4.65, finding support at $4.51, with a potential for further gains in the near term [5] - Short-term resistance is noted at $4.62, with a breakout potentially targeting the $4.65-$4.70 range, and support at $4.53 [5] Market Overview - The U.S. House passed a Republican funding bill, but it failed in the Senate, prompting Democratic leaders to seek discussions with Trump to avoid a government shutdown [6] - The EU Commission approved a new sanctions package against Russia, lowering the oil price cap to $47.6 per barrel and proposing a ban on Russian LNG imports by January 1, 2027, a year earlier than planned [6] - The Bank of Japan maintained interest rates, with two members proposing a 25 basis point hike and initiating an ETF selling plan with an annual reduction of 330 billion yen [7]

Group 1: Report Summary - The report is an early morning report on crude oil and refined oil, released on September 22, 2025, by the Energy and Chemicals Team of the Research Center [2] - It provides price data from September 15 - 19, 2025, for various oil - related products and analyzes daily news, regional fundamentals, and presents a weekly view [3][5][6] Group 2: Price Data Changes Crude Oil and Related Products - WTI decreased by $0.89 from September 15 - 19, 2025; BRENT decreased by $0.76; DUBAI decreased by $0.35 [3] - SC decreased by 4.80; OMAN decreased by 1.30 [3] Refined Oil and Other Products - Domestic gasoline decreased by $50.00; domestic diesel decreased by $28.00 [3] - Japan naphtha CFR dropped by 2.95; Singapore fuel oil 380CST decreased by 0.2 [3] Group 3: Daily News - Trump pressured European countries to stop buying Russian oil to end the Russia - Ukraine conflict [3] - Iran will suspend cooperation with the International Atomic Energy Agency due to the actions of the UK, France, and Germany [4] - Russia called the EU's reduction of Russian energy imports a "self - harm" behavior [4] - Cuba condemned the US for trying to seize Venezuela's resources through its actions in the Caribbean [5] - The UN Security Council vetoed the resolution to extend Iran's sanctions exemption, and sanctions may resume if no agreement is reached by September 27 [5] Group 4: Regional Fundamentals - In the week of September 12, US crude oil exports increased by 253.2 thousand barrels per day, while domestic production decreased by 1.3 thousand barrels [5] - Commercial crude oil inventory (excluding strategic reserves) decreased by 9.285 million barrels, a 2.19% decline [6] - Strategic Petroleum Reserve (SPR) inventory increased by 504 thousand barrels, a 0.12% increase [6] - The four - week average supply of US crude oil products increased by 1.69% year - on - year [6] - From September 12 - 18, the main refinery operating rate fluctuated, Shandong local refinery operating rate increased, domestic production of gasoline and diesel rose, and their inventories also increased [6] Group 5: Weekly View - This week, oil prices fluctuated at a high level, with fundamental and geopolitical factors diverging [6] - The EU's sanctions on Russia target shadow fleets, Russian banks, and oil buyers; Russian refined oil exports decreased by about 300 thousand barrels per day, while crude oil net exports increased by about 9% year - on - year [6] - Iranian crude oil exports did not decline; OPEC crude oil net exports increased by 11% year - on - year in September [6] - US EIA commercial crude oil inventory decreased, gasoline inventory decreased, and diesel inventory increased significantly [6] - Global refinery profits were divided, with US refinery profits rebounding, domestic refinery operating rates rising, and European and American refinery operating rates falling [6] - In the baseline scenario, there will be an oversupply of over 200 thousand barrels per day in Q4 2025 and 180 - 250 thousand barrels per day in 2026 [6] - It is expected that the absolute price center in Q4 will fall to $55 - 60 per barrel [6]