Two price limits will be applied to Russian oil products
G7 countries, European Union and Australia have agreed on two price limits for Russian oil products.
Besides the sea way exported with Russia it is reported that the oil price limits will be revised.
The United States of America (USA) Ministry of Finance released information. All these restrictions are considered a response to Russia’s aggression against Ukraine.
According to the Ministry of Finance, a price ceiling is usually applied to crude oil (diesel, gasoline) sold at a relatively high price Russia for petroleum products, and another for products usually sold at a discount (fuel oil).
It is emphasized that this step Russia it will allow for more precise price limits as it takes into account the wide range of prices at which petroleum products are traded.
The price limit for Russian oil products is expected to enter into force on February 5.
It is also reported that the countries taking into account the changes that will occur in the world market will reconsider the price limit of Russian tanker oil in March.
Since December 2022 prices 60 dollars/barrel level.
The imposed price cap is aimed at reducing the revenues of Russia, which is waging a war against Ukraine.
USA and European Union He refused to buy Russian oil transported by tanker.
In response, Russian President Vladimir Putin Russia has banned the sale of oil and oil products to countries that have joined the price agreement.
At the same time, Russian oil from the Urals brand is now sold below the price limit applied on the world market. Analysts note that after the restrictions, Russian oil exports have decreased significantly.
Russia attacked Ukraine in February 2022. In the still ongoing war of Ukraine Settlements were destroyed, thousands of people perished were displaced from their places of residence.