Russia does not feel restrictions on oil price-Moscow
2023.01.11 05:04
Russia does not feel restrictions on oil price-Moscow
By Ray Johnson
Budrigannews.com – When asked about the potential losses that could result from such measures, the Kremlin stated on Wednesday that it had not yet seen any instances in which the West had imposed price caps on Russian oil last month.
Moscow’s oil revenues, according to some analysts, will not be significantly impacted by the caps immediately.
As part of Western sanctions against Moscow for its military actions in Ukraine, the Russian flagship Urals crude blend is currently trading below the price cap of $60 per barrel.
In a daily briefing, Kremlin spokesman Dmitry Peskov stated to reporters, “As far as the losses are concerned, no one has especially seen the caps yet.”
Non-EU nations are permitted to continue importing Russian by sea, but shipping, insurance, and reinsurance companies are not permitted to handle cargoes of Russian crude around the world unless they are sold for less than $60.
A decree signed by Russian President Vladimir Putin last month forbade the supply of crude oil and oil products to countries that abide by the cap for five months beginning on February 1.
Oil from Russia typically sells for less than international benchmarks like As a result of Western sanctions imposed in response to the conflict in Ukraine, the discount to Brent has grown to approximately $25-$30 per barrel.
Peskov also stated that Russia would do everything in its power to ward off plans by the leading economies of the Group of Seven (G7) to impose two price caps on Russian oil products.
On Tuesday, a G7 official said that the coalition would try to set two price caps on Russian refined products in February—one for products that are more expensive than crude oil and one for products that are cheaper.
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