Although the price cap has been in place for about a month, he said, “early progress on both of these targets is already evident, and senior Russian officials have acknowledged that the price cap is cutting back Russia’s energy revenues.”
In a meeting with Canadian Finance Minister Chrystia Freeland, Yellen said energy markets remain “well endowed” following a Dec. 5 EU ban on imports of Russian crude.
Referring to public reports, the US Treasury chief said countries are using the price cap to “make profitable deals with oil imported from Russia”.
Reuters reports that Russian Urals crude for delivery to Europe on Jan. 10 traded at $52.48 a barrel, while holding a “heavy discount” to Brent, which traded at $80.82.
The agency recalls that Moscow has promised to ban oil supplies to countries that comply with price restrictions, starting February 1, and the Russian Energy Ministry declared January 10, which is working on further steps to enforce the ban.
Russia is the second largest oil exporter in the world after Saudi Arabia. But come on prediction International Energy Agency (IEA), Russia’s share in the global energy market by 2030 will be reduced from 20% to 13%. Therefore, the Kremlin will miss $1 trillion in export earnings, noted “BBC Russian Service”.
According to Bloomberg, RF send more and more fuel to Asia. Now it accounts for about 89% of Russian oil exports (about 3 million barrels per day), most of this volume is purchased by two countries – China and India.
governments of the European Union agreed to limit the price of Russian offshore oil at $60 a barrel. They were joined by the countries of the “Group of Seven” (USA, Canada, Great Britain, Germany, France, Italy and Japan), as well as Australia and other countries. This measure went into effect on December 5. It is designed to limit the revenue “that Russia receives to finance the illegal war in Ukraine”.
At the same time, Ukraine, Poland and the Baltic countries he insisted on a more drastic reduction in costs Russian oil.
President of Ukraine Volodymyr Zelensky called “frivolous” maximum price set. According to him, a barrel should cost less than $30.
.jpg?resize=150%2C150&ssl=1)
