The expert called the restriction of prices for Russian oil a useless measure

BRUSSELS, 6 Oct – PRIME. The introduction of a price ceiling on Russian oil is a useless and very technically difficult measure that can only worsen the economic situation in Europe, said Damien Ernst, a European expert and lecturer at the University of Liege in Belgium and the Polytechnic Institute in Paris.

“Introducing such a price ceiling is very difficult from a technical point of view, and, frankly, I don’t expect this measure to work. It’s useless: many supply chains will be built in such a way as to bypass the price ceiling,” he told RIA Novosti.

According to Ernst, there is a significant risk of a complete cessation of oil supplies from Russia to Europe, which could lead to a “deep crisis” in the region, given that the EU will limit prices even for oil transported by sea. The imposition of a price ceiling could “completely disrupt energy supplies in Europe”, leading to a sharp rise in oil prices in the coming months.

As a result, this will affect the economic situation in most European countries. The UK and Norway, as oil exporters, will have a slight advantage, but the impact of the ceiling on Russian oil will be felt “everywhere in Europe” and “affect the entire European economy,” the expert believes.

To replace Russian oil, Europe will have to turn to other countries that disapprove of European policies and abandon the very idea of ​​a price ceiling.

On Thursday, the European Union agreed on the eighth package of sanctions against Russia. It includes a legislative basis for setting a price ceiling for maritime shipments of Russian oil to third countries. It is planned that the price limit will be introduced on December 5 for oil and on February 5, 2023 for oil products.

At the same time, from December 5, the previously adopted EU sanctions will come into force, which in principle prohibit the import of Russian crude oil to the Union countries by sea. A temporary exception has been made for a number of EU countries that receive Russian oil through the pipeline.

Earlier, Russian President Vladimir Putin, commenting on the West’s idea to limit prices for Russian energy resources, said that Russia would not supply anything abroad if this would be contrary to its own interests.

The West has already increased sanctions pressure on Russia over Ukraine, which has led to higher prices for electricity, fuel and food in Europe and the United States. Putin has previously said that the policy of containing and weakening Russia is a long-term strategy for the West, and sanctions have dealt a serious blow to the entire global economy. According to him, the main goal of the West is to worsen the lives of millions of people. The Russian Federation has repeatedly stated that Russia will solve all the problems that the West creates for it.