He said it and now it’s in black and white. Russian President Vladimir Putin has signed a corresponding decree Fly blocks the export of oil to all countries that have decided to introduce the price cap. The measure, which was decided in response to the introduction of the Russian oil price cap, will come into effect on February 1, 2023 and will apply until July 1 of the same year, while the Moscow government – according to the TASS reports – will have around set the date for the ban on the supply of petroleum products. “The supply of petroleum to foreign legal and natural persons is prohibited if the contracts for such supply, directly or indirectly, a maximum price». This measure, taken under the agreement signed by the 27 EU countries on December 2, was “taken in connection – repeatedly Moscow – with hostile and contradictory acts of international law by the United States and foreign states and international organizations that align themselves with them , adopted , and for the purpose of safeguarding Russia’s national interests”. Finally, the Ministry of Foreign Affairs of the Russian Federation will take care of regular “monitoring” of the implementation of the decree.
The agreement
The price ceiling for Russian oil was set – at the beginning of December $60 a barrel from EU, G7 (Canada, France, Germany, Japan, Italy, United Kingdom and United States) e Australia to deprive Moscow of one of the main sources of funding for the war against Ukraine, while ensuring Russia’s supply of crude oil on the world market. The green light came from the 27 EU member states after the exit from the EU Poland of objecting to the European proposal after it dropped calls for an even lower cap of $60 a barrel, which analysts said risked exposing the market to serious repercussions. Therefore, the mechanism, which came into force on December 5 last year, provided, in addition to the EU embargo, a ceiling of 60 dollars per barrel for the sale of Russian oil to third countries, but with the exception of crude oil that came by pipeline. In fact, the measure allows Russian crude oil to be shipped to third countries by tankers, credit institutions, as well as G7 and EU insurance companies only if the cargo is purchased at a price equal to or below the established maximum price.
imports
According to Portal, imports of Russian oil to the EU and the UK fell 35 percent, from 2.6 million barrels a day in January to 1.7 in August. The United States – writes the British press agency – could soon overtake Russia as the main supplier of crude oil to the EU and the UK: Indeed, in August – according to the International Energy Agency (Hey) – US imports lagged Moscow’s by only 400,000 barrels a day. On the other hand, among the European countries that have imported large quantities of Russian oil – writes Portal, reporting data for August – there are those Germany, Netherlands and Poland. However, all three states have the ability to transport crude oil by sea. In contrast, landlocked countries such as Slovakia or Hungary have few alternatives to the delivery of pipelines from Moscow. While in terms ofItaly, Russian crude oil purchases – based on late summer data – had been increasing month-on-month. In fact, to name just a few dates, the Italian peninsula is among the countries that have made the most purchases of Russian crude oil. While it was still buying an average of 120,000 barrels of oil per day from Russia at the end of January, it was almost half a million in the first week of August: an increase in the 400 percent. The reason for this increase in purchases is likely to be related to the Priolo Gargallo refinery in Syracuse. Owned by the Isab srl company, which is controlled by the Russians Lukoilhad made increased purchases in the summer months, also in connection with the lack of loans and guarantees from banks.
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