Oil sanctions are hurting Russia’s economy - Bloomberg
The almost complete ban on Russian oil imports to the European Union has painfully hit Russia’s oil revenues.
This is stated by Bloomberg, reports Censor.NЕТ with reference to Ukrinform.
As noted in the publication, earlier the US administration feared that the EU sanctions against Russian oil, which came into force on December 5, would lead to a sharp rise in energy prices. Of particular concern was the ban on logistics, insurance and financial services for the transportation of Russian oil by tankers.
In order to mitigate the consequences, it was proposed to set the upper limit of its price at $ 60 per barrel - in this case, the ban on supplies and services does not apply.
"But it seems that there is no need to worry - at least for now", - the newspaper notes.
According to him, Moscow has lost the European market - more than 1.5 million barrels per day. By the end of the year, it will lose another 500 thousand barrels per day if Poland and Germany fulfill their obligations to stop oil imports through pipelines.
At the same time, oil prices in the world fell. At the end of the week, Brent crude was selling at less than $77 per barrel, down 14% from the highs reached on Monday - after the sanctions came into force.
At the same time, Russian Urals oil fell even further and was sold for just over $40 per barrel (i.e. at cost) in the Baltic ports of the country.
EU sanctions not only did not create an oil shortage, but also led to oversaturation of markets, the publication says.
