In the Kremlin, for the first time since the beginning of a full -scale invasion of Ukraine, it was recognized that Western sanctions affect the economy, Channel 9 Israel notes. In particular, in Russia there were problems with oil export due to the “price ceiling”, the Deputy Prime Minister of the Russian Federation Alexander Novak said on December 26 in an interview with TASS.
According to him, Russia has problems with the insurance of vessels that are used to export oil. Problems due to sanctions are associated with the impossibility of fully compensate for the loss of insurance services. In addition, as the Russian official noted, the country cannot launch its tanker insurance mechanism to replace Western insurance.
In addition, Novak evaded an answer to the clarifying question of the share of Russian companies in the oil export insurance market by sea.
Answering the question of possible restrictions on Russian oil products that Western countries intend to introduce since February 2023, Novak said that “Russia in this case may in response to increase oil exports.”
Since December 5, 2022, an oil embargo has been operating for the supply of Russian oil to Europe. The price of oil from the Russian Federation was limited to a limit of $ 60 per barrel. Poland, Germany, Sweden, Great Britain, France, Finland, Romania and Lithuania completely abandoned the marine supplies of Russian oil. Italy reduced the purchases three times. From February 5, 2023, the purchase of Russian oil products will also be prohibited.