Russia to cut off oil supplies to Europe this year after introducing a maximum price for crude oil

Russia will cut oil supplies to Europe this year after the European Union (EU) decided to cap the price of a Russian barrel, Mikhail Ulyanov, Russia’s ambassador to international organizations in Vienna, said Saturday.

“From this year, #Europe will live without Russian oil. #Moscow has already made it clear that it will NOT supply #oil to countries that support price caps against the market,” Ulyanov wrote on his Twitter account and other social networks.

“Very soon the #EU will blame #Russia for using oil as a weapon,” the Kremlin spokesman predicted in a brief statement.

This was stated by the press secretary of the President of Russia Dmitry Peskov. Russia He “will not accept” the fixing of the maximum price for his oil, adopted by the Western powers to limit the financial means of their offensive in Ukraine.

“We will not accept this ceiling,” the official, quoted by Russian news agencies, said, adding that Moscow was “analyzing” the measure.

Russian Oil Price Ceiling Agreement

27 countries Europe The G-7 of the world’s most advanced economies and Australia agreed on Friday to set a maximum price of $60 a barrel for oil from Russiasecond world fuel exporter.

The measure will come into force on Monday, along with an embargo on Europe on Russian oil, a new twist in the sanctions imposed after President Vladimir Putin unleashed a military operation in Ukraine24 February.

The cap on Russian oil prices will not directly affect the community as it coincides with the entry into force on Monday of an embargo on oil imports from Russiaexcept for the one that Hungary buys through the pipeline.

However, it prohibits European shipping companies from transporting Russian oil to third countries if it is sold at a higher price than the established one, and the same applies to insurance companies hired to transport Russian oil.

political agreement on Europe guarantees that if the market price falls below $60 per barrel, the cap will be updated to at least 5% below what it is on the market. (According to AFP and EFE)

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Fernando Carvallo selects information and shares his vision of national and international news. sign to our Las cosas newsletter, as they should be reading your daily columns.