Russia introduces minimum oil prices for unfriendly countries
2022.12.06 10:45
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Russia introduces minimum oil prices for unfriendly countries
Budrigannews.com – Bloomberg News reported on Tuesday that Russia is considering establishing a price floor for its international oil sales as a response to a cap imposed by the G7 nations.
According to a report that also cited two officials who are familiar with the strategy, Moscow is considering either imposing a fixed price for the nation’s barrels or stipulating maximum discounts to international benchmarks at which they can be sold.
As the West attempts to limit Moscow’s ability to finance its war in Ukraine, the G7 price cap on Russian seaborne oil went into effect on Monday. However, Russia has stated that it will not abide by the measure, even if it means cutting production.
