Peskov: the ban on the sale of oil at marginal prices also applies to existing contracts
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Press Secretary of the President of Russia Dmitry Peskov said that the decree on the ban on trading in oil at marginal prices also applies to existing contracts, if there is such a clause. He also commented on restrictions on gas prices in the European Union. According to him, it is too early to talk about any measures in response to this.
“It is the sovereign right of Russia to respond to such illegitimate, absolutely absurd measures – the so-called price ceiling. Therefore, this was preceded by internal Russian expert study,” said Dmitry Peskov at a briefing.
He added that Russia did not consult with OPEC+ when passing the ban. However, according to him, Russian Deputy Prime Minister Alexander Novak “is in constant contact with the OPEC + countries.”
“If it contains a link to a certain “price ceiling”, then of course. This is unacceptable. But if there is no link to the price ceiling, then it does not apply,” Dmitry Peskov added.
Mr. Peskov added that it was too early to talk about Russia’s possible response to the gas price ceiling. “The situation is being analyzed and, of course, after the analysis is completed, some further steps will already be formulated,” he explained.
Yesterday, Russian President Vladimir Putin signed Decree on retaliatory measures to the introduction of a ceiling on oil prices by Western countries. The document prohibits the sale of Russian oil and oil products if individuals and legal entities prescribe a price ceiling in contracts. Deliveries under such agreements are allowed after receiving special permission from the President of Russia. The decree will be valid from February 1 to July 1, 2023.
Formerly Council of Europe approved ceiling on the price of gas at the level of €180 per MWh (about €1.85 thousand per 1 thousand cubic meters). It will take effect on February 15, 2023, provided that the futures on the largest European gas hub TTF within three days not only exceed this level, but also break away from LNG prices by more than €35. The restrictions apply to all pipeline gas.
More about the situation – in the material “Kommersant” “The ceiling is not a decree for them”.
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