The introduction of an oil price ceiling will not have serious consequences for the Russian economy. First Deputy Minister of Energy Pavel Sorokin interpreted Bank of Russia analysts’ statement regarding a possible shock in the Russian economy due to the ceiling price application, Wrote TASS.
“It is worth mentioning here that the analysis in the publication was prepared on the condition that the expert opinion and the opinion of the Central Bank may not overlap. “In general, we do not agree that the price cap is an event that will have significant consequences for the Russian economy,” he said.
According to the deputy minister, possible fluctuations in the production of raw materials in Russia due to the price cap are not critical. He also stressed that Russia can sell its oil in most of the world’s markets in accordance with market principles.
Sorokin also added that the global oil market is currently experiencing shortages of supply, including diesel, which supports the price.
Earlier on 8 December at the Central Bank of Russia declarationAfter stabilization, the Russian economy may experience a new shock in connection with the start of the marginal price for Russian oil and the ban on the export of oil and oil products from the sea.
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.