Russia has a wide supply of oil from countries that have introduced a price ceiling.
In Russia, since February 1, due to the ban on the supply of oil to “unfriendly” countries, which introduced a price ceiling on it.
According to decree On December 27, President Vladimir Putin signed the supply of Russian oil and oil products, prohibiting foreign citizens and companies if the contracts “directly or indirectly provide for the use of a mechanism for fixing marginal prices.”
Export of oil at a limited cost only with the permission of the President. The ban will be in effect from February 1 to July 1, 2023. The terms of the ban on the sale of petroleum products have a special color.
- December 5, 2022 began to act price ceiling for Russian oil exported by sea at $60 per barrel. The measure was included in the eighth package of anti-Russian meetings of the EU.
- Western countries are recommending price caps to set limits in Russia that require commitments in Ukraine, while at the same time not releasing parameter sets and price spikes to European markets.
- The price ceiling means that the G7 countries also use investment insurance and financial services related to the retail trade in petroleum products, if they are purchased at or below the ceiling price.
- After the change in the price ceiling for Russian oil, it became very opaque. According to some reports, Russia is forced to sell oil at $47 per barrel, but the real price “most likely is $70-75 per barrel,” thinks Sergey Vakulenko, consultant for Russian and international companies on the oil and gas markets.