Business & Economy

Russia has no ceiling for oil, so it does not want to set the price

The Russian Oil Ministry announced today, Tuesday, that it will not deal with any country or institution that puts a ceiling on the price of Russian oil.

Russian President Vladimir Putin signed a decree banning the sale of oil and petroleum products to countries that set a maximum price for Russian crude, starting next February.

According to the decision, the export ban will last for a period of 5 months, ending on the first of next July.

Moscow had largely reduced hydrocarbon exports to the European Union after Western countries imposed economic sanctions on it in response to its military intervention in Ukraine.

In early December, the European Union, the G7 countries and Australia also agreed to cap Russian oil export prices at $60 a barrel, hoping to deprive Moscow of important revenues.

To compensate for the losses, Moscow is trying to increase its gas shipments to China, which consumes large amounts of energy, and hastened to implement this step.

And at the end of December, Vladimir Putin launched exploration work in a vast field in Siberia that would allow him to increase exports to China.

And at the end of December, Vladimir Putin launched exploration work in a vast field in Siberia, which would allow him to increase exports to China.

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