Russia ready to circumvent new oil price ceiling to a limited extent
Russia could gain access to enough tankers to find most of its oil beyond the reach of the new price cap set by the G7. This was reported to Reuters by the representative office of Moscow and a US official, stressing the limited scope of the most ambitious plan to reduce income during the war.
Last month, the G7 countries agreed to sell low-price oil to Russia by Dec. 5, but faced intimidation from major oil players who feared the move could paralyze trade worldwide.
There have been months of discussion between the States and insurance, merchant and shipping over heightened concerns about their preference for sanctions, but now all of the party’s demands are that Russia can largely circumvent the sanctions plan with its tanker capabilities and other resources.
Forecasts of the state of the Russian oil trade and details of contacts between Washington and the global oil and gas sector have not been published before.
Estimates that up to 80-90% of Russian oil will still go beyond the restrictions if Moscow complies with the requirements are not unfounded, a US Treasury Department spokesman told Reuters.
Under such scenarios, the export of Russian oil and oil products can be stopped only in the amount of 1 to 2 million barrels per day. This was announced by a US official who left his name due to the delicacy of the situation.
In September, Russia exported more than 7 million barrels of oil per day.