Novak announced the demand for Russian oil products in Europe
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The EU’s exclusion of two types of oil products from the introduced price ceiling shows that Russian oil and oil products remain in demand in Europe, Russian Deputy Prime Minister Alexander Novak told reporters.
On February 7, the European Commission published clarifications stating that the price ceiling and the EU embargo on the supply of petroleum products from Russia, introduced earlier by the EU, will not apply to petroleum products produced abroad from Russian oil. In addition, the price ceiling will also not apply to oil products that have been mixed with oil products from Russia, resulting in a product with a different customs code.
“Yesterday, another amendment to the EU regulations, exceptions, came out. It emphasizes once again that our oil products and oil are in demand in Europe,” leads his words to RIA Novosti.
According to Novak, with this decision, European politicians showed that their actions defy any logic: first they make momentary decisions, and then they think “how to get out of this situation.” The introduced exceptions, the Deputy Prime Minister believes, are in fact the legalization of gray schemes, “which are already being implemented due to ineffective decisions of European politicians.”
Earlier, the G7 countries (G7, includes the UK, Germany, Italy, Canada, USA, France, Japan) and the European Union (EU) set a limit on export prices for expensive oil products from Russia (for example, diesel) at $100/bbl, and for cheaper ones (fuel oil) – at the level of $45/bbl., the restrictions came into force simultaneously with the ban on offshore deliveries of oil products from Russia to the EU on February 5.
On December 5, simultaneously with the EU embargo on offshore oil supplies from Russia, a price ceiling for it began to operate. It was set at $60/bbl. Already this year, this level may be revised – the “new ceiling” in this case will be at least 5% lower than the export price of Russian oil over the past period, the official journal of the EU reported on December 4.
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