Japanese Foreign Ministry: Russian oil price ceiling will not affect Sakhalin-2

Crude oil produced under the Sakhalin-2 project will be excluded from the ceiling on Russian oil, reported at the Japanese Foreign Ministry. They explained that the exception was introduced to ensure the energy security of Japan. From December 5 entered due to restrictions on Russian oil, the countries of the European Union and the G7 agreed to limit the cost of Russian oil at $60 per barrel.

As follows from the statement of the Ministry of Foreign Affairs, the oil price ceiling will also not apply to oil, the supply contracts for which were concluded before December 5, if it is shipped in Japan before January 19, 2023.

The Foreign Ministry recalled that restrictions on the cost of Russian oil products will come into force on February 5. The department explained that measures for these restrictions will be taken separately.

Today, December 5, an embargo on offshore supplies of Russian oil to the EU, as well as a restriction on the cost of Russian oil, came into force. The EU, G7 and Australia have agreed to set the maximum permitted price at $60 per barrel. In Japan spokethat they are not sure about the effectiveness of the restrictions, but noted that they will limit Moscow’s oil and gas revenues.

Deputy Prime Minister of Russia Alexander Novak informedthat the government is working on a ban on the application of the price ceiling. According to him, if the EU starts to apply a limit on the cost of oil, then Russia is ready to reduce its production.

Read more about the price ceiling – in the material “Kommersant” “He’s not low, not high”.

Olesya Pavlenko