EconomyNovak comments on EU embargo on Russian oil products

Novak comments on EU embargo on Russian oil products


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Oil rocker. archive photo

Novak: Government to monitor oil situation after EU embargo

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MOSCOW, February 8 – RIA Novosti. Deputy Prime Minister Alexander Novak said the government will monitor the situation after the EU imposes an embargo on Russian oil products.

February volumes have been placed, in this section we will see how the situation will develop in March”.

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The next fuel sanctions on supplies from Russia came into effect on February 5. The European Union banned the import of Russian petroleum products, while the EU countries and the G7 set a ceiling price for them.

The limit is set at US$100 per barrel for petroleum products originating in Russia, and US$45 per barrel for reference oil quality (diesel fuel) traded at a premium and traded at a discount (fuel oil).

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The decision of the European Union to impose an embargo on both petroleum products and oil was taken last summer. The six-month delayed oil sanctions came into effect on December 5, and the fuel sanctions came into effect two months later.

Russia has also prepared its counter-sanctions in response to the non-market actions of Western countries. At the end of last year, President Vladimir Putin signed a decree banning the supply of oil and petroleum products if a price ceiling is set directly or indirectly in an agreement with counterparties. The ban for oil has been in effect since February 1, while the date for petroleum products has to be set by the government. The total validity of the decree is still limited to July 1 of this year.

The West is facing rising energy prices and rising inflation due to the sanctions against Moscow and the policy of giving up on Russian fuel. Against the backdrop of the rise in fuel prices, especially gas, the industry in Europe has largely lost its competitive advantages, which also affects other sectors of the economy.

Source: Ria

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I am Emma Sickels, a highly experienced journalist specializing in news and economy. As an author at News Unrolled, I cover the latest trends in the economic sector and provide readers with valuable insights into its complexities. My work has been featured in various media outlets such as The New York Times, USA Today, Bloomberg Businessweek and many more.


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