Russia exports oil at a 25% discount to world prices – Kommersant

There is evidence that the introduced price ceiling for Russian oil is working successfully, said Deputy Treasury Secretary Wally Adeyemo. According to him, Russia exports oil at a 25% discount to world prices.

Mr. Adeyemo said that the Russian government’s oil revenues in the five months of 2023 fell by almost 50% year-on-year, even though Russia is exporting more crude oil than at the start of its military operation in Ukraine. “Despite the growth in exports, Russia is making less money because its oil is now sold at a 25% discount compared to other world oil,” the minister was quoted as saying. site departments.

As Wally Adeyemo added, Russia is also investing in creating its own offshore oil ecosystem to deliver oil without using the services of Western countries. “For example, the Russian Central Bank issued almost $9 billion in guarantees as part of a reinsurance scheme… This is money that the Kremlin cannot invest in tanks and other weapons to wage its illegitimate war in Ukraine,” the minister said.

On December 5, 2022, the embargo on Russian oil came into force, from the same day a ceiling on oil prices from Russia was set at $60 per barrel. Since February 5, 2023, the EU embargo on Russian oil products has been in effect. According to the Helsinki Center for Energy and Clean Air Research, the price ceiling manages Russia at €160 million ($172 million) daily. Ministry of Energy of the Russian Federation claimsthat Russia was able to redirect the volume of supplies of oil and oil products that fell due to the embargo of the European Union and the G7 countries. Particularly India and China began to buy oil from Russia.

About the situation on the market – in the publication “Kommersant” “Russian oil has broken through the ceiling”.

Laura Keffer