Global Times: Moscow to respond to Western ceiling on Russian oil prices
MOSCOW, December 7 – RIA Novosti. The Chinese press wrote that the West’s decision to impose a ceiling price on Russian oil would turn against itself and Moscow could supply raw materials to other countries. Global Times.
“Russia has buyers like China and India to fill the gap, or Moscow can offset the impact by exporting oil to the Middle East and then to Europe,” said Cui Heng, an analyst.
Ultimately, the EU itself will pay for this decision, as the organization will have to look for a substitute for Russian oil and purchase raw materials from the UK and the US at a higher price, he said.
“By setting a ceiling price on Russian oil, they seriously violated the industry’s market principles, and such intervention would undermine their government’s credibility and affect the troubled economy of the West,” said expert Wang Yiwei.
In the article, it is stated that the measure against Russia will not have a serious effect on Russia, but at the same time, the restriction reveals serious differences of opinion within the West.
Western oil sanctions came into effect on December 5: The European Union stopped accepting Russian oil transported by sea, and the G7 countries, Australia and the European Union imposed a price cap on shipping at US$60 per barrel.
Russia met about 20 percent of Europe’s oil needs. In response to the special operation in Ukraine, Western countries began to develop sanctions measures, the purpose of which, among other things, was to limit Moscow’s revenue from oil exports.
Western countries face rising energy prices and rising inflation due to the sanctions imposed on Moscow and the policy of giving up on Russian fuel.
Against the backdrop of the rise in the price of fuel, especially gas, the industry in Europe has largely lost its competitive advantages. In addition, the US and EU countries have faced record inflation for decades.
Russian President Vladimir Putin has repeatedly emphasized that the sanctions deal a serious blow to the entire global economy. According to him, the main purpose of the West is to make the lives of millions of people worse.
Source: Ria
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