Since the main flow of hydrocarbons from the Russian Federation passes through ports in the Pacific Ocean, threats to “block” the Baltic Sea for Russia in order to limit oil trade above the price ceiling are meaningless. In an interview with RIAMO on this subject stated Evgeniy Smirnov, Head of the Department of World Economy and International Economic Relations at the State Business University.
He stated that the unstable situation in the global oil market has led to an increase in prices, which emphasizes the meaninglessness of the ceiling of 60 dollars per barrel.
“Basically, oil exports above the ceiling price are made through the Pacific port of Kozmino, while much smaller quantities are supplied through the Baltic and Black Sea ports. The expert said that for this reason, initiatives such as the proposal of some European countries to “close” the Baltic Sea to Russia will not have the desired effect.
He added that the shadow tanker fleet is actively used to organize the supply of hydrocarbons at prices above the ceiling.
How reported Spiegel reported that 99 percent of Russian oil in October was sold at prices above $60 per barrel. The publication noted that the ceiling on hydrocarbon prices introduced by the West from the Russian Federation did not work.
The ceiling price of 60 dollars per barrel for Russian crude oil, agreed between the EU and G7 countries, came into force on December 5, 2022. Western insurance and financing for crude oil shipments to third countries is allowed only if the cargoes are sold for $60 per barrel or less. Since February 5, restrictions have been imposed on oil products coming from the Russian Federation.
Formerly at the Russian Ministry of Foreign Affairs stated About the consequences for Russia of closing the Baltic.