The Kremlin commented on the work of the oil price ceiling
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Russia still does not recognize the oil price ceiling that was set by the G7 countries. This was stated by the press secretary of the President Dmitry Peskov.
“The ceiling was quite freely installed. This is the first, this is from their point of view. Therefore, on the one hand, they set a ceiling, and on the other hand, there seems to be no ceiling, based on the current price level, on the basis of existing practice. On the other hand, of course, we have taken our own measures, and, of course, we do not recognize and do not recognize any ceiling. We are working so that this system does not harm our own interests,” he said.
According to Peskov, although the price ceiling for oil has been set, given the current level of energy prices, “there seems to be no ceiling.”
Formerly Senior Advisor to the President for Energy Security Amos Hochstein named premature assessment of the effectiveness of the price cap on Russian oil, but noted that “so far so good.”
On December 3, 2022, the EU countries agreed on a price ceiling for Russian oil in the amount of $60 per barrel. The document was published in the Official Journal of the EU on 4 December. The restriction came into force on December 5, along with a ban on the supply of Russian oil by sea to the EU countries. For oil products, the restriction came into effect on February 5. In addition to the EU countries, the G7 countries and Australia also joined the ceiling.
December 27, 2022 Russian President Vladimir Putin signed Decree on retaliatory measures to the oil price ceiling. According to the text of the document, a ban is introduced on the supply of Russian oil and oil products to foreign companies and individuals, if the contracts directly or indirectly provide for a cap price mechanism. It is emphasized that this measure is applied at all stages of deliveries to the final buyer. It is also clarified that the president can make a special decision on the supply of oil and oil products, in respect of which restrictions were previously introduced by decree. The ban on oil supplies came into force on February 1, 2023, and the Russian government will determine the date for oil products.
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