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Russia’s oil price ceiling works – State Department

Russia’s oil price ceiling works – State Department

Photo: Getty Images

Since mid-July, Urals oil has been trading above $60 per barrel, but in general, the market mechanism for restrictions in the Russian Federation is effective, according to Washington.

The restriction on the price of Russian oil introduced by the G7 countries and their allies continues to work. This was said by Acting Assistant Secretary of State for Economic Policy Eric van Nostrand in an interview with Bloomberg, published on September 4.

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“Nine months after the imposition of the restriction, it works,” he stressed, adding that such policy has reduced Russia’s revenues, and that any violations of the price caps will be investigated by US and allied law enforcement agencies.

Van Nostrand added that Washington measures the effectiveness of the “ceiling” by whether it allows buyers around the world to negotiate higher discounts on the supply of Russian raw materials.

“We don’t measure success just by how much oil travels … We see this as a market mechanism to change the incentives for the oil market,” said a State Department spokesman.

Since mid-July, Russian Urals oil has been quoted above $60 per barrel, while some oil products have also risen above the limit set by the allies, according to the agency.

Earlier, the Russian Federation reported that the average price of Urals oil in January-August 2023 was $56.58 per barrel.

It will be recalled that on December 5, 2022, a ban on the import of oil from the Russian Federation by sea was implemented. In addition, more than 30 countries around the world have set a price ceiling for oil from Russia at $60 per barrel.

And on February 5 this year, the EU set two price limits for oil products from the Russian Federation: $100 per barrel for highly processed products, including diesel fuel, kerosene and gasoline, and $45 per barrel for cheaper oil products, such as gasoline. oil.

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Source: korrespondent

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