The maximum price of Russian oil will remain unchanged at $60 per barrel, Bloomberg reported on March 31.
It is reported that, according to European officials, this measure will help maintain the stability of the oil and petroleum products market and will allow economic pressure to be exerted on Russia. Changing the maximum price requires an agreement between the EU countries, which has not yet been reached.
Previously, there were disagreements between EU countries about the size of the maximum price. At the center of the disagreement are the economic consequences of the decisions made.
Remember that the introduction of a maximum price is a non-market measure that violates the international agreements reached within the WTO. Violation of international rules increases the risks of trade and, as a result, leads to higher prices.
Russia’s response was to change the direction of supplies of petroleum products. The main buyers were India, China, the countries of the Middle East and Southeast Asia. Russian oil exports to Europe decreased, replacement supplies began to be made with a change in logistics that has developed into the market system based on minimum delivery costs.
As a result, the overall costs of the world economy for the purchase of energy resources have increased. According to Russian economists, this creates prerequisites for rising cost-driven inflation in the world economy.
Source: Rossa Primavera
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