In December, the price cap was set by the G7, the EU and Australia on crude oil, the new price cap applies to refined products such as petrol, diesel and heating oil. There is a ceiling of $60 a barrel for crude oil, with a maximum price of between $100 and $110 a barrel for these products. But the Russians are now ahead of the West with the export embargo.
According to him, Russian experts interviewed with Russian correspondent Bosman are “reasonably optimistic” about the sale of oil. “They will export more crude oil to countries like China and India, and Foreign Minister Lavrov was also in Lahore to talk about Pakistan’s sourcing.”
Not catastrophic
And while those countries in this buyer’s market won’t pay the top price for Russian products, a Russian expert who worked at Gazprom says the discounts have not been substantial, according to Bosman. “Russia isn’t suffering that much, it’s missing many billions a year, but it’s not catastrophic.”
According to Bosman, Russian economists don’t believe price limits will stop the conflict. ‘Russia still has money and weapons, she has so much supplies, the war can go on with that. Sanctions are therefore mainly an emotional step.’
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