原油市场周报：两周已过 -评估俄罗斯制裁的早期影响-Oil Markets Weekly_ Two weeks in—assessing the early impact of Russia sanctions

J P M O R G A N Global Markets Strategy 04 December 2025 Oil Markets Weekly Two weeks in—assessing the early impact of Russia sanctions Global Commodities Research Natasha Kaneva (1-212) 834-3175 natasha.kaneva@jpmorgan.com Lyuba Savinova (1-212) 270-3781 lyuba.savinova@jpmchase.com JPMorgan Chase Bank NA {[{-M8qAsmq5A_F8c4rlNai3e56JB7o430cCPuNzl61-I8ZuK6-CUCqX9qPqqCUkSFAFU1eyT-xi34wvYG3}]} • Despite the expansion of sanctions and the expiration of the transition window on 21 November, Russian crude flows i ...