The situation in Russia’s oil sector is stable now, according to the Deputy Prime Minister
Russia has already negotiated the supply of petroleum products for this month despite the embargo imposed by the European Union’s member states on February 5, TASS cites Deputy Prime Minister Alexander Novak as telling reporters.
"Speaking about the embargo on petroleum products and the price ceiling that have been imposed, volumes [of supplies] for February have been contracted for. We will obviously monitor how the situation unfolds in this regard from March onwards," he said.
The situation in Russia’s oil sector is stable now, Novak added.
On December 5, 2022, an embargo on maritime Russian oil shipments to the European Union came into force. G7 nations, the EU and Australia agreed on a price cap for Russian oil delivered by sea, setting the ceiling at $60 a barrel. Moreover, starting February 5, 2023, similar restrictions on deliveries of petroleum products from Russia were enforced as the EU Council officially greenlighted the decision, in conjunction with the G7, to introduce a price ceiling on Russian petroleum products supplied by sea at $100 for premium oil and at $45 for discount.