The European Union has decided to withdraw oil products produced from Russian oil, not Russia, from the sanctions. Related information published On the official website of the European Commission.
“If a Russian petroleum product is mixed with a product originating in another country and processed in a third country, resulting in a different product, <…>then the Russian oil product is no longer considered a product of Russian origin and the ceiling price is not applied,” says AK.
In this case, the goods have a different customs code, and European providers can freely insure and transport such goods.
In addition, if petroleum products from Russian oil are “substantially converted” outside of Russia, they will not be subject to price caps.
Last summer, the EC banned the import of Russian oil in its pure form and as part of its blends, but petroleum products made from Russian oil at foreign refineries can still be imported into the European Union.
The International Energy Agency estimates that exports of petroleum products from Russia in 2022 are 2.85 million barrels per day (about 142 million tons for the full year). At the same time, the EU supplies 1.2 million barrels, or 40% of all EU imports.
oil price ceiling
Since February 5, the European Council has set price limits for Russian petroleum products. Therefore, petroleum products sold at a discount relative to crude oil (for example, heating oil and naphtha) European companies are not allowed to purchase petroleum products (diesel and naphtha) that are more expensive than crude oil at more than $45 per barrel. kerosene) – at a price of over $ 100 per barrel.
On February 6, the Japanese Ministry of Foreign Affairs announced that Tokyo is also participating in Russian oil price containment measures.
The Russian side has repeatedly stated that it will not supply energy resources if limits are set. In January, the Cabinet of Ministers issued a resolution explaining how the response to the oil price ceiling would work: All contracts for the export of raw materials will be monitored, and if there is any indication of a price cap for oil contracts, only export from Russia will be banned.
Customs authorities must notify Russian Railways and Transneft, which transport goods subject to a price limit, so that the raw materials do not go to the EAEU countries where they can be sent to the final buyer.
300 million € per day
The head of EU diplomacy, Josep Borrell, said yesterday that, according to Brussels’ estimates, the sanctions imposed in response to the start of a special operation in Ukraine will reduce Russia’s revenue from the sale of energy resources by 300 million euros per day.
“Russian oil is trading at a discount of $40 against Brent and daily energy revenue is expected to fall from €800 million to €500 million after our latest measures go into effect this month,” Borrell writes for a Spanish newspaper. La Vanguardia.
According to the European diplomat, EU countries have already significantly reduced their energy dependence on Moscow. Currently, work continues on the tenth sanctions package.
trillion open
February 6 Russian Ministry of Finance knowledgeableThat the federal budget deficit in January was 1.76 trillion rubles. On an annual basis, revenues decreased by 35% to 1.36 trillion rubles. Expenses, on the other hand, increased by 58.7% to 3.12 trillion rubles.
Oil and gas revenues amounted to 426 billion rubles and decreased by 46% compared to January 2022. The agency explains the decrease in the indicator “with the decrease in Ural oil prices and the decrease in natural gas exports”.