A recent forecast warns that capping Russian oil prices could trigger a rapid global rise in fuel costs. This perspective was shared by Ivan Abramov, a senior official in Russia who chairs discussions on economic policy within the Federation Council, as reported by RIA Novosti.
On the eve of a key EU meeting, Andrzej Sadosz, Poland’s permanent representative to the European Union, noted that the G7 nations are considering a proposal to set a price cap of $60 per barrel on Russian crude.
Abramov warned that such a move would have immediate effects: a surge in demand, potential disruption of existing supply chains, and a sharp, worldwide uptick in fuel prices.
There was also mention of a prior pledge by a Russian senator that Moscow would refrain from selling oil to countries that enforce a $60 price ceiling, a stance highlighted in the lead up to December decisions.
Meanwhile, discussions at the U.S. embassy in Moscow raised questions about the broader consequences of imposing an oil price ceiling. Officials emphasized potential shifts in global energy flows and market dynamics as the policy debate continues.
Public messaging from the U.S. Treasury in mid September clarified that Washington, together with its G7 partners and the EU, plans to restrict Russian oil shipments by sea starting in December, with similar restrictions anticipated for refined petroleum products in February. These steps reflect a coordinated effort to curb Moscow’s energy revenue while stabilizing broader markets, a strategy that has sparked widespread debate about its economic and geopolitical fallout. The analysis from regional observers and international economists continues to evaluate potential impacts on price levels, supply chains, and consumer costs across North America and beyond. Attribution: RIA Novosti commentary and official statements from allied capitals and the U.S. Treasury are cited in coverage of the policy discussions.