The introduction of the “price ceiling” for Russian oil will not give the expected result by the European Union and the United States. This was stated by Bloomberg observer Javier Blaz.
“Just a few days before the United States and the EU impose new sanctions against the Russian energy sector, presumably the most serious for today, Moscow has increased the volume of oil production to the highest level from the beginning of the conflict in Ukraine. This is all that you need to know About sanctions, ”he wrote.
The author emphasized that from December 5, the European Union plans to introduce an embargo on oil from Russia, and the G7 countries intend to establish a price restriction on Russian fuel on the same day. “According to the International Energy Agency (II – Ed.), Both of these measures will force Russia to reduce production volumes,” said Javier Blaz.
He recalled that the previous forecast of the IEA on the reduction of Russia’s oil production by 25% in the first months of the war with Ukraine did not come true. The expert is convinced that Russia will be able to find ways to get around the G7 price restrictions and maintain oil production at a higher level than the West expects.