Post: A source in the EU says it is aiming to raise a ceiling on Russian oil

Flags with symbols of the European Union. archive photo

EU reassures that it wants to avoid market shocks after oil price cap

BRUSSELS, 3 December – RIA Novosti. A senior European source told reporters in Brussels that the European Union’s cap on Russian oil was designed to deprive Russia of its revenues and at the same time avoid serious shocks to the world market.

We want to deprive Russia of even financing its ‘war machine’, but at the same time we do not want to allow strong shocks in world markets, especially in countries with emerging economies,’ he said.

The G7 countries, the EU and Australia are setting an upper limit on the price of Russian seaborne crude oil at US$60 per barrel, effective Monday, December 5th. The price ceiling comes in line with the start of the EU embargo on the purchase of Russian crude oil transported by tankers on Monday.

Commenting on the West’s idea of ​​limiting the prices of Russian energy resources, the President of the Russian Federation stated that Russia will not supply anything abroad if it is against its own interests. Deputy Prime Minister Alexander Novak also pointed out that the Russian Federation will not supply oil to countries that set a ceiling price of $60 per barrel or any other cost. He added that such restrictions are an intervention in market instruments, and that Russia is ready to work with consumers who are ready to work in market conditions.

Source: Ria

Leave a Reply

Your email address will not be published. Required fields are marked *

Exit mobile version