Bloomberg reported that Russia is considering fixing the price of its oil in response to the West’s decision to set a ceiling on Russian offshore oil at $60 per barrel.
According to Bloomberg, Russia is seeking to introduce a transparent pricing mechanism based on a market approach.
Western oil sanctions came into effect on Monday when the G7 countries, Australia and the European Union capped the price of Russian offshore oil at $60 a barrel.
Russia confirmed that it will not sell oil at a price different from its price, and that the “ceiling” countries with this move will cause a global energy crisis and fuel oil prices, which will harm Western countries and exacerbate the effects of sanctions on them.
Russia is the main supplier of oil to Europe, as its exports cover 20% of the continent’s need for crude oil.
Source: RT