G7 countries intent to keep the Russian oil price ceiling at US$60

The G7 countries intend to maintain the established price ceiling for Russian oil at $60 per barrel. This was reported by the newspaper on March 15 The Wall Street Journal citing sources familiar with the matter.

The G7 wants to keep the price ceiling for Russian oil at $60 per barrel.

It is noted that in this way the hopes of some countries for tightening Western sanctions are undermined.

In addition, according to the newspaper, Washington opposed the adjustment of the oil price ceiling.

Earlier in the day, Stanislav Mitrakhovich, a leading expert at the National Energy Security Fund and the Government’s Financial University, told Izvestia that lowering the ceiling on Russian oil prices set by Western countries too much could lead to a faster withdrawal of Russia from Western carriers.

On the eve of Bloomberg wrote that representatives of 27 EU countries on March 15 will begin discussions on the revision of the price ceiling for Russian oil.

The head of European Union (EU) diplomacy, Josep Borrell, pointed out on March 3 that the rejection of Russian oil could seriously destabilize the market. Borrell also said that the EU has nothing against the supply of Russian energy to states that are not participants in the sanctions campaign.

On February 17, the Chinese edition of China Daily noted that the oil price ceiling strengthened the Russian economy, having a negative impact on the economies of Western countries. The publication wrote that the reduction of oil production by Russia after the imposition of sanctions will soon lead to a tightening of the market and a jump in fuel prices. At the same time, the article recalled, inflation in Western countries due to anti-Russian sanctions has already led to strikes and an increase in crime, as wages have fallen.

Prior to that, on February 7, Kremlin spokesman Dmitry Peskov said that the Russian side does not recognize any ceiling on oil prices, Moscow is working so that the system does not harm its interests.

On December 5, an embargo on oil supplied by sea from the Russian Federation to the European Union came into force. With respect to the Russian energy resource, an adjustable price ceiling is set at $60 per barrel.

Since February 5, there have been similar restrictions on sea supplies of petroleum products from the Russian Federation, a price ceiling of $100 per barrel for gasoline and diesel fuel, $45 per barrel for low value-added petroleum products.

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