Minfin USA: the price limit for Russian oil will start at $60 and may be revised. The US is confident that an agreement on the maximum prices for Russian oil will be reached before December 5. If necessary, the price ceiling can be reviewed every two weeks
The restriction of prices for Russian oil at $60 per barrel, which is currently being discussed in the European Union, corresponds to the price range that is being discussed in the US Treasury, Deputy head of the department Wally Adeyemo said, Reuters reports. If necessary, this price level may change.
According to him, such a price bar will limit the profit received by the Russian authorities from the sale of oil.
According to Adeyemo, Washington is confident that the EU countries will be able to agree on the final level of the price ceiling, despite the position of Poland, which insists on its additional reduction. “We expect Poland and the other 26 countries [of the European Union] to get together and impose a ceiling on oil prices, and the rest of the coalition countries will join them,” he said.
At the same time, Adeyemo noted that $60 is not the final price ceiling, the level of restriction can be regularly reviewed. “We are not going to do this every week, because we want to ensure some stability in the market and prevent volatility. But we were open to revisiting this issue twice a month,” he said.
The restriction on the price of oil from Russia should come into force from December 5, on petroleum products from February 5, 2023. Reuters previously confirmed the WSJ data that the absolute majority of EU countries have agreed to introduce a ceiling on prices for Russian oil at $ 60 per barrel. The previous negotiations on limiting the price of Russian oil took place on November 28 and were not crowned with success. Sources told Reuters that the agreement could not be reached because of the position of Poland: she demanded to lower the limit to $30.
According to data at the end of November, the cost of Russian Urals grade oil was about $52 per barrel.
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The Russian side has repeatedly stated that it will stop supplying energy resources to those countries that introduce price ceilings. Deputy Prime Minister Alexander Novak said that Moscow would reorient supplies “to market-oriented partners” or would reduce production.
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