Alexey Gromov, Principal Director on Energy Studies of the Institute for Energy and Finance, gave a commentary to Business FM about the first reaction of world markets to the introduction of a cap on oil prices from Russia at $60 per barrel.
On Monday, December 5, the G7 countries, the European Union and Australia introduced a price limit on the purchase of Russian oil at $60 per barrel. In addition, the European Union's ban on maritime transportation of Russian oil came into force.
“The oil price ceiling set by the G7 countries and supported by the EU at $60 per barrel is obviously higher than the level at which Russian oil is sold to India today, taking into account the sanctions discount. Our Indian partners expect that Russia will maintain the level of the sanctions discount, and thus they will be de facto insured against any sanctions consequences from the Russian oil price ceiling introduced today, despite the fact that this country will not formally join this mechanism,” Alexey Gromov said.
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