In December last year, Russia sold oil to foreign buyers at a much higher cost than was envisaged in the $60-per-barrel cap mechanism set by Western countries. In the last month of 2022, the average export price of a barrel of Russian oil was $74. informs Bloomberg reports the results of the collaborative work of analysts from the Institute of International Finance, Columbia and the Universities of California.
The data comes four weeks after the restriction on the sale of oil to buyers around the world, which took effect on December 5, 2022, and monitoring of customs bills from all ports and pipelines. The article states that the limit price for the supply of raw materials from Russia is determined by the G7 countries, the European Union (EU) and Australia.
“In the four weeks following the upper limit, Russian oil averaged around $74 a barrel. That’s about a quarter of the $60-per-barrel threshold the G7 nations have set since December 5, 2022.
21 February Russian Deputy Prime Minister Alexander Novak declaration On the discussion of reaction measures of the Russian authorities against the “ceiling” of prices for petroleum products in Western countries. However, at the moment, the country’s ministries and export companies have not yet reached a consensus on this issue and are considering various options.