New G7 oil prices undercut Russia’s war campaign -Yellen | – #oil #prices #undercut #Russias #war #campaign #Yellen
WASHINGTON, Feb 3 (Reuters) – Western economies agreed on Friday to impose new price caps on Russian oil exports. USAJanet Yellen, the finance minister of the US, said that she will follow the crude oil limit set in December and will further limit Russia’s oil revenues by maintaining the global energy markets. equipped.
The coalition that imposed the measures, the EU and Australia Group, traded at high prices for crude oil, mainly diesel, for a barrel of products. 100 dollarsand the new price limit for discounted products is 45 dollars appointed. , for example, fuel oil and naphtha.
Effective Sunday Europe Union Russia Price restrictions, along with a ban on oil imports, seek to limit Moscow’s ability to finance the war in Ukraine that began nearly a year ago.
“The limits we have just set will now play an important role in undermining the ability of our global coalition to pursue Russia’s illegal war,” Yellen said in a statement after the deal was announced.
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This step of the coalition on December 5, the price of a barrel is above 60 dollars Russia It was implemented after banning the use of Western-provided marine insurance, finance and brokerage for crude oil.
Yellen said the sanctions and price caps were forcing Russian President Vladimir Putin to “choose between funding his brutal war or supporting his struggling economy.”
Russia’s monthly budget revenues from oil and gas, according to data from the Russian Finance Ministry on Friday january 20 due to the impact of Western sanctions on its most profitable export20fell to the lowest level since August.
This month, Russia plans to increase diesel exports to combat an EU embargo, price caps and tanker shortages, data from traders and Refinitiv showed.
Yellen said global energy markets remain fairly stable, and public reports suggest oil importers such as China and India are using the price cap to “drive sharp deals” for Russian oil.
Events of Russia military disrupts supply chains, “making it difficult for the Kremlin to supply its troops and continue this unprovoked occupation,” Yellen said.
In February last year Putin In order to protect Russia’s security in Ukraine, “special military ordered to carry out “operation”.
The International Monetary Fund this week raised its growth forecast for Russia to 2.6 percentage points for 2023, citing “fairly high” export earnings last year and Moscow’s strong fiscal stimulus.
A senior Treasury official told reporters that Washington is confident the price caps will “change the trajectory” of Russia’s budget, despite taking the IMF’s view into account, because oil is a major source of revenue.
Reporting by Timothy Gardner; Edited by Grant McCool
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2023-02-04 17:48:42
Source – reuters
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