Wednesday, February 1, 2023

This is a “high-risk game”

December 5 According to a report by Kyodo News Agency in Washington on December 5, the measures reached between the Group of Seven and Australia to set a price cap on Russian crude oil came into effect on the 5th. This is the latest effort to limit Russia’s important sources of income.

The members of the Group of Seven – the United Kingdom, Canada, France, Germany, Italy, Japan and the United States, plus the European Union – and Australia set the oil price ceiling at $60 per barrel because they tried to punish Russia without causing major supply disruptions. But Moscow may retaliate by reducing supply, which may “affect market stability”.

According to the report, Russian Deputy Prime Minister Alexander Nowak said that Russia believes that setting an oil price cap is a “non-market act” and is “considering countermeasures”.

According to the German newspaper Youth World website, EU countries plan not to import Russian oil by sea from the 5th. For shipping oil from Russia, the European Union, the United States, the United Kingdom, Canada, Japan and Australia will also implement a maximum price of $60 per barrel from the 5th.

It is reported that no one can make reliable predictions of the impact of these measures or intentions on energy prices and supplies. In fact, this is a “high-risk game”. In addition, German Chancellor Schorz promised its allies a few months ago that Germany would completely give up Russian oil by the beginning of next year.

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