【环球网报道】据俄罗斯《消息报》《乌克兰真理报》报道，美国国务卿鲁比奥当地时间12日在加拿大安大略省参加七国集团（G7）外长会议后接受采访 时表示，美国对俄罗斯实施进一步制裁的潜力几乎已经耗尽。 美国10月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。据塔斯社23日报道，俄罗斯外交部发言人扎哈罗娃对美国这一举动作 出回应，称这不会给俄罗斯带来麻烦，因为俄方已经对这类限制有了"强大免疫力"。 "我们的制裁手段已经所剩无几了。"鲁比奥在接受采访时表示，美国已对俄罗斯主要石油公司实施了制裁，"我不知道还需要再做些什么。""在这一方面， 我们已经快没有可以制裁的对象了。" ...

Core Viewpoint - The article discusses the impact of U.S. sanctions on Russian LNG exports and how these sanctions are inadvertently benefiting China, as Russian LNG is being sold at a discount to the Chinese market despite pressure on Japan and Europe to halt imports [2][4][10]. Group 1: Market Dynamics - Despite U.S. pressure on Japan and Europe to stop importing Russian LNG, the market has not shown significant signs of supply-demand tension due to increasing LNG supplies from the U.S. and other countries [2][4]. - The current spot price for LNG in Asia, as indicated by the January 2026 contract, is around $11.0 to $11.5 per million BTU, significantly lower than the peaks observed at the onset of the Russia-Ukraine crisis in 2022 [4][10]. Group 2: Russian LNG Flow to China - Russian LNG is being sold to China at prices 20-30% lower than the market rate, with shipments continuing despite sanctions [9][10]. - As of now, China has imported 13 shipments of LNG from Russia, with the latest shipment arriving at the Beihai terminal in Guangxi province [6][9]. Group 3: Japan's Energy Security Concerns - Japan relies on long-term contracts for Russian LNG, which account for approximately 9% of its total LNG imports, making an immediate halt to imports risky due to potential price increases from alternative sourcing [10][11]. - The Japanese government is cautious about U.S. calls for sanctions, emphasizing the need to balance energy security with international obligations [11][12]. Group 4: Future Projections - Analysts have adjusted the supply expectations for the Arctic 2 project, forecasting an increase to 1.3 million tons in 2025 and 3.9 million tons in 2026, reflecting ongoing shipments to China [10].

2025.09. 24 本文字数：888，阅读时长大约2分钟 他在社交媒体发文称，他了解乌克兰和俄罗斯的军事、经济状况，认为持续超过三年半的战事给俄罗 斯制造了经济困境。在欧盟财政支持，特别是北约军事支持下，加上时间和耐心， 回到"这场战争开 始时的原有边界是一个完全可行的选择" 。 他还表示，美国将继续为北约盟国提供武器。 对于 特朗普的这些言论，泽连斯基表示，"这是重大转变，特朗普的帖文（言论）是一个重大转 变"。 来源 | 长安街知事 对于已经延续3年的俄乌冲突，美国总统特朗普近期的公开立场发生了明显转变，展现出对俄罗斯的 不满。 据中国新闻网 综合俄罗斯卫星通讯社报道，特朗普 9月23日表示，他与俄罗斯总统普京的良好私人 关系，出人意料地并未对乌克兰危机的解决进程产生任何影响。 特朗普在纽约联合国大会期间会见法国总统马克龙时说：" 最大的失望，是俄罗斯与乌克兰的局势。 我本以为，得益于我和普京的关系，这是最容易解决的问题，但遗憾的是，这种关系毫无意义。" 当天，特朗普在联合国大会上发言时表示，如果俄罗斯不同意结束乌克兰危机，美国有意对俄罗斯征 收高额关税。他 还要求欧洲国家加入美国对俄制裁行列，称" ...

Core Viewpoint - The U.S. Vice President Vance indicated that imposing new sanctions on Russia to pressure it into ending the Russia-Ukraine conflict is a viable option, with multiple strategies available to exert pressure on Russia [1] Group 1 - Vance stated that during the Trump administration, the focus was on ending the Russia-Ukraine conflict without including U.S. ground troops in Ukraine's security assurances [1] - The U.S. will not deploy ground troops to Ukraine but will continue to play an active role in ensuring that Ukrainians receive necessary security assurances and confidence to halt the conflict [1]

Group 1 - The U.S. Secretary of State Rubio revealed details of the U.S.-Russia meeting in Alaska, highlighting that due to U.S. sanctions, the Russian delegation had to pay for fuel in cash while refueling in Alaska [1][3] - Rubio mentioned that despite President Trump's warnings of potential new sanctions if Russia does not agree to a ceasefire, the U.S. currently does not plan to impose additional restrictions [3] - The meeting between Presidents Putin and Trump on August 15 in Anchorage was positively evaluated, but no agreement was reached on issues such as a ceasefire in Ukraine [3] Group 2 - Russian Foreign Minister Lavrov responded to Rubio's comments, stating that the method of payment for fuel, whether cash or otherwise, is not significant [3] - Lavrov emphasized that additional sanctions from Washington could hinder peace talks regarding the Ukraine conflict [3] - President Putin expressed respect for the U.S. stance on ending the Ukraine conflict and hopes for a peaceful resolution [3]

Core Viewpoint - The U.S. Secretary of State Rubio revealed that due to sanctions against Russia, the Russian delegation had to pay cash for refueling their aircraft in Alaska, indicating the significant impact of these sanctions on Russia's operations [1]. Group 1: Sanctions Impact - Rubio stated that further sanctions are unlikely to compel Russia to agree to a ceasefire, as they have already faced severe sanctions [1]. - He emphasized that all existing sanctions remain effective and their impacts are still being felt [1]. Group 2: Operational Challenges - The inability to use the U.S. banking system forced the Russian delegation to pay cash for refueling in Alaska [1]. - Rubio indicated that any new sanctions announced by Washington would likely stall peace negotiations [1].

Group 1 - The core viewpoint of the article is that President Trump has warned Russia of "very serious consequences" if President Putin does not agree to a ceasefire proposal during their upcoming meeting in Alaska [1] - Trump expressed hope for a trilateral meeting with both Putin and Ukrainian President Zelensky if the discussions with Putin go well [2] - The meeting between Trump and Putin is described as a "test meeting," with outcomes that could be either positive or negative [2]

Core Viewpoint - The article discusses President Trump's warning to President Putin regarding the consequences of not accepting the ceasefire proposal in Ukraine, emphasizing the potential for increased U.S. sanctions if the meeting does not go well [1]. Group 1 - President Trump stated that if President Putin does not accept the ceasefire proposal during their meeting in Alaska, he will face "very serious consequences" [1]. - Trump expressed hope for a trilateral meeting with President Putin and Ukrainian President Zelensky if the discussions progress positively [1]. - U.S. Treasury Secretary Mnuchin indicated that the U.S. may intensify sanctions against Russia if the meeting between Trump and Putin does not yield favorable results [1]. Group 2 - The one-on-one meeting between Trump and Putin is scheduled to take place on August 15 at a military base in Anchorage, Alaska [1]. - Trump referred to the upcoming meeting as a "test meeting," suggesting that the outcomes could be either positive or negative [1].

（文章来源：央视新闻） 针对美国的制裁威胁，俄总统新闻秘书佩斯科夫此前曾表示，俄罗斯经济多年来已形成对制裁的"免疫 力"。 美国总统特朗普与俄罗斯总统普京将于8月15日在美国阿拉斯加州会晤，讨论乌克兰危机。此次会晤将 是2019年在二十国集团峰会期间见面后，特朗普和普京再次面对面会晤。 当地时间13日，美国财政部长贝森特在接受媒体采访时说，如果美国总统特朗普与俄罗斯总统普京的会 晤进展不顺利，美国可能会加大对俄制裁或征收次级关税。 ...

Group 1: Report Industry Investment Rating - High-sulfur fuel oil: Sideways with a downward bias [3] - Low-sulfur fuel oil: Sideways with a downward bias [3] - Cross-variety: None [3] - Cross-period: None [3] - Spot-futures: None [3] - Options: None [3] Group 2: Core Viewpoints of the Report - The main contract of SHFE fuel oil futures closed down 1.39% at 2,760 yuan/ton, and the main contract of INE low-sulfur fuel oil futures closed down 0.92% at 3,463 yuan/ton [1] - After the correction, crude oil prices have shown a weak oscillatory trend recently. The FU and LU futures prices have declined following the cost side, and the expectation of a looser medium-term balance sheet in the oil market potentially suppresses the energy sector [1] - In the high-sulfur fuel oil market, after continuous adjustments to the market structure, short-term contradictions are relatively limited. Currently, spot supply remains abundant, while demand lacks growth momentum. Although power generation demand is boosted by the peak season, it lacks drivers beyond seasonality [1] - In the long term, given the trends of lighter crude oil and refinery upgrades, structural support remains. If the crack spread adjusts sufficiently to attract a significant rebound in refinery demand, the market structure may strengthen again. However, in the short term, the previously accumulated inventory still needs to be digested [1] - Attention should be paid to the progress of the meeting between Russian and US leaders this week. If the negotiation is successful and the US relaxes sanctions on Russia, there is room for an increase in fuel oil supply, and the fundamentals may further loosen [1] - In the low-sulfur fuel oil market, pressure is limited, but there is no overall shortage expectation. Currently, domestic production remains low, and bonded area supply is relatively tight. However, after the tension in overseas diesel eases, the supply of blending components is expected to recover [2] - From a medium-term perspective, as the remaining production capacity of low-sulfur fuel oil is relatively abundant, supply will be released once crack spreads are appropriate. Moreover, the carbon neutrality trend in the shipping industry will gradually replace the market share of low-sulfur fuel oil, and there is still significant resistance above the market [2] Group 3: Graphical Information - The report includes multiple graphs showing various fuel oil prices, spreads, and trading volumes, such as Singapore high-sulfur 380 fuel oil spot price, Singapore low-sulfur fuel oil spot price, and fuel oil futures prices and trading volumes [4]