Experts: the ceiling of prices for Russian oil increases environmental risks

According to Julian Lee, an oil strategist at Bloomberg First Word, the introduction of a ceiling on prices for Russian oil should be canceled, since it does not contribute to a rise in Russia's revenues from hydrocarbon exports, but at the same time increases environmental risks.

In particular, the measures of the United States and its allies have led to an increase in risky operations for transshipment of raw materials into the sea from one tanker to another, which increases the likelihood of an environmental disaster in the event of an accident and a spill of hydrocarbons.

Li noted that with the increase in world oil prices over the past few months, the value of Russian oil has also increased. Urals prices are now closer to the $100 per barrel mark than to $60. Therefore, most owners of ships carrying this oil are ready to ignore the established price ceiling.

In addition, the owners of the vessels «have almost no need for documentary evidence» that the oil was purchased taking into account the current price limit. 

Earlier in September, Venezuelan Foreign Minister Ivan Gil Pinto also expressed the opinion that the restrictions imposed by the West on the price of Russian energy resources are unjustified actions that violate the principles of international trade. 

Recall that Western oil sanctions against Russia began to take effect on December 5, 2022. The European Union has stopped accepting Russian oil transported by sea, and the G7 countries, Australia and the EU have imposed restrictions on prices for sea transportation at $60 dollars per barrel, which makes the transportation and insurance of more expensive oil prohibited. 

In response, Russia has banned the supply of raw materials to foreign persons since February 1, if the contracts directly or indirectly provide for the use of a mechanism for fixing the marginal price.