Novak: the embargo on petroleum products could lead to imbalance and shortages in the market
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The European Union (EU) embargo on the supply of Russian oil products may have global negative consequences, Deputy Prime Minister Alexander Novak believes. Among such consequences, he called the imbalance and shortage of supply in the world market.
According to Mr. Nowak, when agreeing on such restrictions, “it is still necessary to think about the future.” “And in the future, if we are guided by such decisions as an embargo and the introduction of price ceilings, there may be a big imbalance, a shortage of energy resources, a decrease in investment in this area,” he told reporters (quoted by TASS).
From December 5, 2022 EU banned import of Russian oil by sea and introduced a price ceiling for raw materials from the Russian Federation in the amount of $60 per barrel. From February 5 operate similar sanctions for Russian oil products. The price ceiling is set at $45 and $100 per barrel, depending on the type of product. Despite this, according to the US, Russia increased oil deliveries in January.
About where the Russian Federation is now selling oil and oil products, read the material “Kommersant” “Flanking Maneuvers”.
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