A price limit of 60 dollars was set for Russian oil
USA and European Union Russia agreed on setting the highest price limit for oil.
According to this agreement Russia oil cannot be bought at a price higher than 60 dollars per barrel.
Information about this to the Reuters agency USA given by Wally Adeyemo, Deputy Minister of Finance.
Europe one of its diplomats told Reuters that the maximum price limit will be changed from time to time.
Poland’s special position
By agreement Russia oil can be bought and sold 5 percent cheaper than the market price.
According to Adeyemo Europe countries will determine the highest price limit for Russian oil despite Poland’s special position.
Poland says the maximum price limit for Russian oil is too high.
According to Warsaw’s position, this limit should not exceed $30 per barrel.
The embargo on Russian oil should come into effect on December 5.
How will the mechanism work?
USA and European Union refused to buy Russian oil transported by tankers, but now practically other countries will not be able to buy Russian oil at a higher price than the specified limit, because the largest insurance companies in the world will not insure the tankers.
At the same time, the imposition of the highest limit on Russian oil will make it impossible to transport this oil with the tankers of Greece, which has the largest tanker fleet in the world.
Last week, the price of the best quality Urals oil in Russia was 55 per barrel dollars was This means that Russia can sell its tanker oil without restrictions despite the current price limit.
But experts say that the highest price limit itself will be adjusted from time to time.
Russia said that it will not sell its oil at prices that do not benefit it.
But there is also the fact that China and India, the largest buyers of Russian tanker oil, will also have to comply with the restrictions in the conditions of prices slightly lower than the market price.
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