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The US loosens its grip

18 November 2022

Gromov Alexey I. Principal Director on Energy Studies, Head of the Energy Department

Alexey Gromov, Principal Director on Energy Studies of the Institute for Energy and Finance, commented to Kommersant FM on the easing of the US sanctions on financial transactions with Russian energy carriers.

On December 5, an embargo on the Russian oil supply by tankers comes into force. It was assumed that at the same time the mechanism of the "price ceiling" would work. However, the United States has postponed its entry into force to January 19.

The US Treasury has clarified that tankers that will sail until December 5, inclusive, should not face restrictions. However, market players also have questions about this explanation, Aleksey Gromov notes:

“The parameters of the so-called ceiling on Russian oil are still unclear. And in the face of uncertainty, companies still refrain from dealing with Russian oil. This uncertainty is the worst thing in the world market.

There can be only one solution to this uncertainty - the United States should soon give official parameters for the future price ceiling for Russian oil and clearly explain the rules of the game in the market after December 5. Otherwise, uncertainty will arise when many players will refrain from dealing with Russian oil, which, of course, will have a negative impact on prices and on the situation with the availability of oil resources for all consumer countries.”

Gromov Alexey I. Principal Director on Energy Studies, Head of the Energy Department
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