Photo: Stringer/AFP/Getty Images
Starting in February, Vladimir Putin, Russia’s president, will ban the export of oil and crude oil products to countries that recently imposed a price cap.
According to the executive order issued by the Kremlin, The measure will be in force at least until July 1 and comes in response to the punishment that the nations of the Group of Seven (G-7), together with the European Union (EU) determined earlier this month.
And it is that The countries with the greatest financial strength at a global level determined that a barrel of oil from Russia cannot be traded above $60 dollars.
Under the new rules, nations that flout the provision could lose essential services for oil shipments through international waters, such as insurance and trade finance.
A few days ago, Vladimir Putin pointed out that artificially limiting prices can destroy the international energy market, since a reduction in investment in the sector can reduce supplies.
“They are used to stealing. But the world has changed and it will hardly be possible to do so today, ”she said.
As a year dominated by Russia’s war on Ukraine draws to a close, Vladimir Putin has made a point of suggesting he is open to peace talks despite evidence to the contrary, with comments that have been roundly dismissed by Kyiv and the West as a ruse. https://t.co/jReisNYprl
— CNN International (@cnni) December 27, 2022
Shortly after the Russian army began to invade Ukrainian territory, its crude exports, which were previously directed towards Europe, were redirected to China, India and Turkey, this at bargain prices, a luxury that only the Kremlin can afford. given to being the third largest oil producer in the world.
For this reason, the United States, Canada, France, Germany, Italy, Japan and the United Kingdom promoted an agreement with the European Union with the aim of weakening the finances of the Russian government by reducing the amount of money that it still receives through the commercialization of its Petroleum.
However, An announcement was issued from the Kremlin warning that they are in a position to continue financing their war operation in Ukraine.
The truth is that while the winter lasted, the demand for oil will grow in most countries and this strengthens the producing nations with or without a price cap.
You may also like:
- South Korea ends ban on importing sex dolls
- Tripledemia causes increase in drug prices and shortages
- China to remove mandatory quarantine for travelers entering the country starting next month