The Ministry of Energy announced the absence of problems with the sale of oil and petroleum products
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Russia has no problems with the sale of oil and oil products; in case of any difficulties, the industry successfully copes with them. This was announced by the First Deputy Minister of Energy of the Russian Federation Pavel Sorokin.
“Over this year, we have learned that not only can you live [в условиях санкций], but also quickly and efficiently reorient flows. The Russian industry does not experience problems with the sale of oil and oil products. There are also difficulties, they arise, but the industry copes with them, ”he noted (quote according to TASS).
From December 5, 2022, the price ceiling for Russian oil introduced by the G7 countries (G7, includes the UK, Germany, Italy, Canada, USA, France, Japan) and the European Union (EU) is in effect. It is set at $60 per barrel.
Later, a limit was also set for export prices for expensive oil products from Russia (for example, diesel) at $100 per barrel, and for cheaper ones (fuel oil) at $45 per barrel. The measures came into force simultaneously with the ban on offshore shipments of oil products from Russia to the EU on February 5.
In response to the price ceiling, Russian President Vladimir Putin banned supplies of Russian oil and oil products to foreign companies and individuals, if the contracts directly or indirectly provide for a cap price mechanism. According to the decree, the measure is applied at all stages of deliveries to the final buyer. The ban came into force on February 1, 2023; for oil products, the date will be additionally determined by the Russian government.
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