The ex-head of Naftogaz called on the EU to introduce additional taxes on oil from the Russian Federation
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The former chairman of the board of the Ukrainian state company Naftogaz, Andrei Kobolev, called on the leadership of the European Union to introduce taxes on companies refining and re-exporting Russian oil. In his opinion, the attempt to impose sanctions against the Russian oil industry turned out to be ineffective, and the price ceiling for oil from the Russian Federation does not work. According to him, the EU leadership has repeatedly filed lawsuits against the largest technology corporations, in particular against Google and Microsoft, for violating antitrust laws. The same measures, according to the proposal of the ex-head of Naftogaz, can be applied to companies involved in the refining and re-export of Russian oil.
“European governments have a very effective tool in the form of antitrust institutions. These are not sanctions, but may entail financial consequences, such as taxes on Russian oil and gas. If there is Russian oil and gas in the mix, you can tax them and reduce their attractiveness,” Mr. Kobolev told the publication IntelliNews.
“If antitrust rules can be used against Google and Microsoft and lead to fines, then why can’t a similar mechanism be used against the country?” — Andrey Kobolev noted. He believes that these measures will be effective and will prevent Russia from continuing to receive “oil windfalls.”
The G7, the European Union and Australia introduced a price ceiling on Russian oil and petroleum products in December 2022 and February 2023, respectively. First installed at $60, the second – from $45 to $100 depending on the category of petroleum products. The price ceiling mechanism involves a ban on the transportation and insurance of oil and petroleum products from Russia, which is purchased by countries that have not joined the embargo.
The weighted average price of Russian oil in September, according to the International Energy Agency, was noticeably higher than the price ceiling, at $81.8 per barrel. According to the Russian Ministry of Finance, Russian oil costs $83.1 per barrel.
Read more about the consequences of restrictions against Russian oil in the Kommersant article. “Oil overflows through the ceiling”.
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