The Impact of Biden’s Oil Price Ceiling on Russia

Amos Hochstein, Senior Energy Security Adviser to the President of the United States, said it was too early to talk about the effectiveness of the “price ceiling” policy on Russian energy resources.

Hochstein told the Russian news agency Novosti on the sidelines of an international energy conference in Houston, US, on Monday: “I think it’s too early to talk about it, but I think things are going well.”

It is noteworthy that against the backdrop 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 petroleum products to foreign parties that directly or indirectly adhere to the price ceiling set by Western countries.

Source: News

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