The United States has imposed sanctions on two companies for violating the price ceiling for Russian oil, but experts say the measure is unlikely to have a significant impact on the market. This was reported by RIA News.
According to the Kpler platform, Russia has bypassed G7 restrictions and increased its oil supply to 70% of its total maritime exports. Urals and other Russian varieties are sold at a ceiling price of $60 per barrel.
The EU acknowledged that it was almost impossible to comply with the restrictions, Moscow’s revenue increased and Europeans indirectly bought oil at market prices. Experts from the independent Finnish CREA Center state that the price cap mechanism is not currently working.
However, the US imposed sanctions on two companies (UAE’s Lumber Marine and Turkey’s Ice Pearl Navigation) that transport Russian oil above $60 per barrel. According to analysts, this measure is unlikely to scare market participants who have calculated the risks in advance. Additionally, Russia banned oil supplies to companies using the price ceiling mechanism.
Novak last week acceptedHe said that he does not believe that the ceiling on oil prices in Russia will be lifted any time soon.
previously economist stated About Russia’s advantage in the oil market.