Ukraine war: EU, G7 back $60-per-barrel price cap on Russian oil
The $60 (€56.9) price cap on Russian oil per barrel, also adopted by G7 countries and Australia, is seen as a key step as Western sanctions aim to starve President Vladimir Putin of funding for his war in Ukraine.
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Trade sources and data revealed that Russia is sending more crude oil produced in the Arctic region to China and India, and at steeper discounts. This comes after Europe put heavy sanctions on Russian supplies last month. As per reports, Arctic grades Arco, Arco/Novy Port and Varandey do not usually come to the East. But reportedly they are now doing supplying further afield after the European Union, G7 nations and Australia introduced a price cap on Russian oil in December, on top of an EU embargo on Russian crude by sea.
#RussianOil #Sanctions #EU
Western Sanctions Are, Paying Off As Russian Oil , Revenues Fall.
According to the International Energy Agency,
Russian oil revenues fell in November despite a boost
in production to just below levels prior to the Ukraine invasion.
'The Guardian' reports that the falling revenue
is a sign that Western sanctions and other efforts
to cut off Russia's income have been successful. .
'The Guardian' reports that the falling revenue
is a sign that Western sanctions and other efforts
to cut off Russia's income have been successful. .
In November, the IEA estimated
that Russia earned just
$15.8 billion from oil sales. .
That is the second-lowest monthly
earnings Russia has reported this year
after bringing in just $14.7 billion in September.
The dipping revenue report comes despite Russia
increasing its export of crude oil to 8.1 million
barrels per day, its highest level since April.
In December, the EU and G7 introduced
a $60-a-barrel price cap on Russian oil.
On December 14, the price
of non-Russian oil had climbed
to about $81 a barrel.
President Vladimir Putin has said the cap will
not have a significant impact on Russia’s economy
but could harm the international energy market.
President Vladimir Putin has said the cap will
not have a significant impact on Russia’s economy
but could harm the international energy market.
Putin has also warned that the cap
may force Russia to cut production.
While lower oil prices come as
a welcome relief to consumers faced
by surging inflation, the full impact
of embargoes on Russian crude and
product supplies remains to be seen, International Energy Agency, via 'Newsweek'.
While lower oil prices come as
a welcome relief to consumers faced
by surging inflation, the full impact
of embargoes on Russian crude and
product supplies remains to be seen, International Energy Agency, via 'Newsweek'
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President Vladimir Putin has signed a decree on retaliatory measures to the West’s price cap on Russian oil exports. Tuesday's ratification is in response to the punitive measure taken by..
Russian President Vladimir Putin in his latest decree said that his country will not export oil to those countries that will comply with the price cap agreed upon by western nations.
#Russia..
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