Western oil sanctions against Russia come into force
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On December 5, an embargo on sea supplies of Russian oil to the EU countries came into force. The price ceiling for oil from the Russian Federation, which was introduced by the EU, G7 and Australia, also begins to operate.
Prior to the start of the military operation in Ukraine, the EU countries accounted for about 85% of offshore oil supplies from the Russian Federation. Exports are now redirected to other markets, with China and India being the biggest buyers.
The embargo on Russian oil was agreed in the EU at the end of May. An exception is valid for Bulgaria. Sanctions also do not include supplies via the Druzhba pipeline. The sanctions also imply a ban on European insurance of tankers for oil supplies from the Russian Federation to third countries. It is expected that from February 5, 2023, the purchase of petroleum products will also be prohibited.
EU, G7 and Australia agreed parameters of the price ceiling for Russian oil on December 3. The restriction implies that companies from countries that have agreed on sanctions cannot provide brokerage, shipping, insurance and other services for the sea transportation of Russian oil to third countries, unless this oil is sold at a price below the ceiling. The ceiling is set at $60 per barrel.
About new restrictions – in the material “Kommersant” “OPEC+ is swinging for a long time”.
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