MOSCOW, Sep 2 — PRIME. The introduction of a price limit for Russian oil only destabilizes the situation with the supply and demand for oil and oil products in the world, citizens and businesses of the countries that join the agreement will pay for this, Vasily Karpunin, head of the information and analytical content department at BCS World of Investments, told RIA Novosti.
The heads of the G7 finance ministries at a meeting on Friday confirmed their intention to ban the sea transportation of oil and oil products from Russia, unless they are bought at a limited price.
“In our opinion, this only destabilizes the situation with supply and demand for oil and oil products in various regions of the world. The situation with gas in the EU is indicative in this respect. That is, the risks lie in the field of pricing, the cost of raw materials will simply be higher, and citizens and business of these countries,” Karpunin said.
He explained that the existence of any final document would only make sense if not only the G7 countries, most of which plan to abandon oil from the Russian Federation, but also other countries want to join it. And with this, the expert believes, there may be difficulties. “At the moment, the main buyers of Russian oil that has left the European market are India and China, whose accession to the G7 agreement is highly doubtful. They already consume Russian Urals oil at a discount,” Karpunin explained.
The day before, Russian Deputy Prime Minister Alexander Novak said that Russia would not supply oil to countries that would join the agreement on the maximum price for its oil.
The United States and Canada imposed a ban on Russian energy resources back in March. The European Union agreed on an embargo on sea supplies of oil from the Russian Federation from December 5, oil products – from February 5, while the sanctions will not affect supplies via the Druzhba pipeline. In June, Japan reduced imports of Russian oil to zero, but already in July it began to buy it again, while reducing the volume of purchases by 65%.