The increase in prices is due to the rapid increase in the cost of fuel in other countries against the backdrop of high demand and low stock levels.
Prices for most of Russia’s oil and petroleum product exports now exceed the price caps set by the G7. Now the administration of US President Joe Biden is planning to take some steps to ensure that the imposed limits are implemented in practice. This was reported by Reuters news agency, citing Argus Media data on Thursday, August 10.
The prices of most of Russia’s fuel exports from the Baltic and Black Sea regions now exceed the price limit set in February by the G7-led coalition, which aims to limit Moscow’s profits after its invasion of Ukraine.
This growth is due to the rapid increase in world fuel prices in other countries on the back of high demand and low stocks.
“The Biden administration intends to expand contacts with Western trading houses, insurers and tanker owners to remind them of the need to comply with (set by the G7 – ed.) price limits,” reports of the media citing government sources.
The White House plans to use “soft” tactics instead of threatening potential violators with tough measures to keep energy markets from imploding.
Note that in the first half of 2023, Russia’s oil and gas revenues will fall by almost 50%. Currently, the Russian Federation is trying to stimulate the increase in oil prices.
In addition, the aggressor country decided to reduce oil exports.
Source: korrespondent
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