in the EU, an assessment of the purchase of oil in Russia at a price below the market
Earlier, the EU countries adopted the sixth package of measures against Russia due to the conflict in Ukraine, which involves a ban on two imports of Russian oil. By the end of the year, they expect this import to be 92%
It is based on the idea of buying Russian oil at a price below the market price instead of not importing it. About this US President Joe Biden declared while speaking at the White House. He has no further details.
EU countries May 30 Americans the sixth package was taken against Russia because of the conflict in Ukraine, which involves the introduction of a ban on oil imports to Russia. The EU expects to reduce this import by 92% by the end of the year. European countries also prohibit insurance of ships carrying oil from Russia. At the rate Bloombergdue to the oil embargo, Russia could lose about $22 billion.
USA introduced embargo on the supply of oil and gas from Russia in early March. In announcing this, Biden stated the well-known fact that a desirable solution to the problem of lowering the rise in US gasoline prices, but also the need to “put pressure” on the Russian leader. A day after the embargo was announced, gasoline prices in the United States overcame an all-time high and exceeded $4.17 per gallon (3.8 liters).
Now Washington, along with allies in Europe, is looking for options to contain fuel prices, but the question is what conditions Russia agrees to. Igor Yushkov, a leading expert of the Financial University and the National Energy Security Fund, comments:
Igor Yushkov leading expert of the Financial University and the National Energy Security Fund
Russia may go for a discount in the presence of the same volumes of oil exports in order to maintain market share and production levels, independent expert Dmitry Lyutyagin believes:
Dmitry Lyutyagin independent expert
Today, the price of gasoline in the US is $4.67 per gallon, diesel is $5.53 per gallon.