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Tankers will be given time

22 December 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 on the possible consequences of the expected introduction of a "price ceiling" for Russian petroleum products to Kommersant FM.

For some time, the problem with the shortage of the fleet can be solved, Alexey Gromov is sure:

"Unfortunately, the experience of the last six months shows that there are no such alternative markets. Therefore, most likely, the process of transferring Russian exports of petroleum products to other markets will be greatly stretched in time.

It has significantly decreased, and the next link in this chain will be a decrease in oil refining volumes. In addition, the Europeans themselves are experiencing similar problems to ours. They cannot find alternative suppliers of petroleum products that would provide the necessary volumes. I am almost sure that many European countries will turn a blind eye to the effect of the price ceiling or even the embargo and will use various kinds of gray schemes for the delivery of Russian goods to the EU market, for example, through third countries.

It is the embargo on our oil products that will probably be the most significant sanctions blow — we will definitely not be able to adapt quickly. This is a matter of at least three to five years. Everything will depend on the dynamics of energy transition, reformatting of markets, the availability of sustainable demand."
Gromov Alexey I. Principal Director on Energy Studies, Head of the Energy Department
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