No Plans to Alter Price Ceiling for Russian Oil, Confirms US Treasury

The US Treasury Department said that Washington currently does not intend to change the price ceiling for Russian oil, which it forces its allies to comply with.

“Currently, there are no proposals to change the maximum price for Russian oil in the amount of $60 per barrel,” a spokesman for the ministry told reporters.

According to a June report by analysts from the International Energy Agency (IEA), in the last month of spring, Russian raw material exporters earned a total of $13.3 billion.

Earlier, Russian economist Sergei Kolobanov said that it is unprofitable for Washington to reduce the price ceiling for Russian oil, since this mechanism also affects the prices of American producers.

Expert Kolobanov, Deputy Head of the Fuel and Energy Complex Economics Department of the Center for Strategic Research, added: “Even before the implementation of the cap, our companies entered new markets mainly by providing discounts. And this forced dumping, which increased after the introduction of the restriction, has a downward effect on overall world oil prices.

He explained that buying expensive from other suppliers is less profitable than buying in Russia.

He continued: “In the supply chain due to the Western embargo on Russian oil, Russian dumping is also affecting the prices of American producers, including American and European oil companies operating around the world, which now send most of their oil exports to Europe.”

He pointed out that the search for alternative ways to supply marine oil from Russia led to an increase in the cost of transporting raw materials in the world, which increased the damage to the potential income of producers, which explains the reluctance of countries to lower the ceiling of Russian oil, since they do not want to further reduce the price of black gold in the world. , says the expert.

It is noteworthy that against the background of the Russian military operation in Ukraine, the G7 countries, the European Union and Australia set a price ceiling for Russian oil from December 5 last year, as well as maximum price limits for Russian oil derivatives from December 5. February 5th. This ceiling is designed to limit Russia’s oil revenues.

At the end of last year, Russian President Vladimir Putin banned the supply of Russian oil and oil products to foreign parties that directly or indirectly adhere to the price ceiling set by Western countries.

Source: Newspaper. ru+rt

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