Russia will not be able to maintain the level of oil production due to limited access to technology under sanctions.
The US and its allies will not provide insurance to Russian tankers carrying oil. This will interfere with the transportation of this energy source. This is what US President Joe Biden said at the NATO summit in Madrid on Thursday, June 30.
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“We (Western country – ed.) Will not provide insurance to Russian ships for the transportation of oil. So they will have a big problem in delivering it to customers,” Biden promised.
He predicted that Russia would face increasing difficulties in maintaining the level of oil production due to limited access to technology in the face of sanctions.
Biden stressed that the price cap mechanism will allow Russia to profit from oil exports, but it will be lower than current volumes.
Recall that in early June, the EU agreed to ban Russian oil imports. The embargo will affect 90% of all Russia’s oil imports by the end of this year. This embargo will take effect six months after the introduction of the sixth package of sanctions.
Traders supply Russia’s oil, hiding its source – WSJ
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.