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Russia will not be able to export to european oil transported by sea to Europe embargoed by the G27 as a sanction for the military campaign launched by the Kremlin against Ukraine on February 24 this year.
The embargo will affect 90% of European imports of Russian oil, that is, about 100 million tons or 730 million barrels per year, the President believes European CommissionUrsula von der Leyen.
The stated purpose of the European embargo, which will also affect imports of petroleum products from Feb. 5, is to undermine Russia’s ability to finance its military operations in Ukraine.
An agreement between countries is added to the right to veto imports European Union (EU) to cap the price of Russian oil at $60 per barrel.
Although this measure does not affect the Community bloc due to the embargo, it will affect the export of Russian oil, because if it is sold at a higher price than the established one, it cannot be transported by European shipping companies or is insured by the company Europe.
Agreement Europe indicates that if the market price falls below $60 per barrel, the limit will be updated so that it is at least 5% below what it has on the market.
The same set of measures was adopted by the G7 and Australia.
In response to the European embargo Russia declared that there would be no shortage of buyers for his oil and that he would redirect his crude oil exports to Asia..
On the other hand, Russia He categorically rejected the introduction of a maximum price for his oil as a measure incompatible with the free market and the rules of the World Trade Organization.
“we will sell Oil and oil products only to countries that work with us according to the laws of the market, even if we are not forced to slightly reduce production,” Russian Deputy Prime Minister Alexander Novak said on Sunday.
EFE
Source: RPP
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