Analyst Yushkov commented on the US-named “price ceiling” for Russian oil
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“This is a tool to reduce pressure on prices”
US Treasury Secretary Janet Yellen said earlier that the West needs to set a ceiling price for oil from Russia at around $60 per barrel, since it was sold at that price before. Igor Yushkov, a leading analyst at the National Energy Security Fund, and other experts believe that Western countries have to set a high price threshold for Russian oil, otherwise they risk being left without our raw materials.
In an interview with the newspaper “Vzglyad” Yushkov noted that Russia’s reluctance to sell oil to those who supported the idea of a price ceiling seriously frightened the world community. The expert explained that the whole point of the initiative was to reduce its cost and saturate the world market with cheap raw materials at the expense of Russian exports.
According to the analyst, one can now observe the transformation of sanctions, which were originally conceived as a “punishment” for Russia, and at the moment they have become only a tool to reduce pressure on prices on the world market. Yushkov stressed that, in essence, these are no longer anti-Russian sanctions, but “an attempt to save oneself.”
The expert clarified that such a measure could only work with the full support of all importers of domestic fuel, but neither India nor China agreed to this, although they may use the ceiling in the future to receive even greater discounts from Russia. As Yushkov noted, “our potential boycott” against the backdrop of recent OPEC+ decisions has led the US to decide to charge a fairly high price so that the restrictions are not burdensome for Russia.
The analyst does not rule out that the Americans simply looked at the average cost of a barrel of Russian oil over the past year. The expert recalled that now the discount on domestic raw materials is about $20 per barrel, while in reality Russia trades in the region of $70, although not so long ago it was $62-65. Yushkov stressed that this is already a “question of principle”, since in market trading the price can grow along with income, and if there is a ceiling, it will no longer be possible to earn more than the norm.
Read also: The analyst predicted an imminent recession of all European countries
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