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Kremlin Rejects Price Ceiling for Oil

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Kremlin spokesman Dmitry Peskov confirmed today, Tuesday, that Russia does not recognize the oil price ceiling set by the G7, indicating that Moscow is following its own interests in this matter.

Commenting on the US statement that the price ceiling set by the G7 group “works well,” Peskov told reporters: “Of course, we took our measures (in response to the price ceiling). We certainly do not accept any ceiling. We act in a way that does not harm our interests.”

Peskov pointed out that there is no actual price ceiling based on the current level of market prices, and said: “(G-7 countries) have set a ceiling, but on the other hand, it does not look like there is a price ceiling based on the current price level.”

Earlier, the Russian Ministry of Energy confirmed that Russia does not intend to sell oil at any price to achieve sales, and the ministry’s comment came after the decision to reduce oil production in Russia by 500 million barrels per day in March this year.

In December 2022, the European Union and the G7 countries introduced a price ceiling on a barrel of Russian oil, banning European transport and insurance companies from providing their services if it is sold above $60 per barrel.

Starting February 5, 2023, a price limit was introduced for the supply of petroleum products from Russia: USD 100 for oil products sold at a premium, such as diesel fuel, and USD 45 for oil products sold at a discount.

In response to these steps, Moscow imposed a ban on the sale of its oil and oil products that adhere to the price ceiling from February 1.

Source: News

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