She is already taking organizational measures for this.
Russia can gain access to a sufficient number of tankers for delivery of a significant amount of its oil, thus bypassing G7 price caps. This was reported by Reuters, which took comments from representatives of the industry and the official representative of the United States.
Last month, the G7 countries agreed on the maximum price for the sale of Russian oil, but faced with discontent of the main players of the global oil industry< /strong> who feared the move could paralyze trade around the world.
Months of discussions between the United States and these insurance, trading and shipping companies have somewhat eased concerns about the impact of sanctions on them, but all sides now realize that Russia can largely circumvent this plan.
Read also: OPEC – US Treasury Department will not limit the price of Russian oil
Predictions on the sustainability of Russian oil trade and details of discussions between Washington and the world oil industry have not been published before.
Estimates of what that up to 80-90% of Russian oil will continue to flow around the restriction mechanism is not unreasonable, an unnamed representative of the US Treasury Department told Reuters.
The United States is aware that some ships are already changing their country of origin and trade organizations are moving outside the G7 to avoid the restrictions.
At the same time, Russia will incur additional costs due to the need to make longer voyages and belonging to a lower tier insurance and financing. According to the official, this is what the USA is counting on, which hopes that eventually Russia will be forced to sell oil within the price limit.
Experts in the oil industry also believe that the scale of damage to the Russian Federation from the oil embargo may be much smaller than initially thought.
“Theoretically, there is a large enough shadow fleet to continue exporting Russian crude oil after December 5.” Andrea Olivi, head of shipping at major trading company Trafigura, told Reuters.
“Many of these shadow vessels will be able to self-insure or they will be able to be insured by Russian P&I,” he added.< /p>
JP Morgan Banksees the impact of the price cap reduced as Russia has almost completely circumvented the ban by distributing Chinese, Indian and its own ships, the average age of which is almost two decades.
This could reduce Russian exports in December by only 600,000 barrels per day compared to September, the bank added.
According to Norbert Rucker, head of economics and research at Swiss capital manager Julius Baer, not only ships are moving, but also services , necessary to ensure their operation.
“Oil traders dealing with Russian oil are no longer in Switzerland, Geneva or London. They are increasingly coming from the Middle East,” Rucker told Reuters.
In turn, India and China have increased their purchases of deeply discounted Russian oil in recent months, with neither endorsing the cap. However, India said this week that it would consider a plan to impose a price cap.
The price cap would allow China and India to buy Russian oil at lower prices, benefiting their respective economies. p>
In September, Russia exported more than 7 million barrels per day.
As reported, the Russian Federation announced that it would stop supplying oil to those countries that plan to impose restrictions on oil prices her
Related video
What can affect the final decision regarding the “price ceiling”, read in the article of the director of the Energy Research Center Oleksandr Kharchenko “New sanctions against Russian oil: the devil is hiding in the details”.
