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Market Chatter: Syria Willing to Cut Russian Oil Imports for Relief From Terror Watchlist

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Syria has agreed to sharply reduce imports of Russian oil as part of discussions with Washington over lifting remaining major sanctions on it, according to a Reuters report on Tuesday, citing three people familiar with the matter.

According to experts, this marks the latest effort by Washington to exert economic pressure on Moscow, while reducing the latter's influence on the Middle Eastern nation.

Syrian officials have reportedly told their American counterparts that the country was willing to scale back Russian supplies, in the hope of being removed from Washington's list of state sponsors of terrorism.

This marks a major shift in Syrian energy policies, with the country importing a bulk of its energy needs from Moscow, with shipments surging 75% this year to 60,000 barrels per day.

Neither the Syrian Government nor the US Department of State immediately responded to' request for a comment on this story.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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