The European Union (EU) is likely to approve the ceiling proposed by the G7 countries for oil from the Russian Federation in two stages. On Tuesday, October 4, the newspaper writes Wall Street Journal with reference to diplomats.
“EU member states are close to agreeing on a two-stage approach to setting an upper limit on world prices for Russian oil, which is being developed within the framework of the G7 countries,” the publication notes.
Diplomats and officials said European officials are preparing the bill needed to implement the measure.
However, according to the newspaper, the approval of the bill will be postponed until all G7 countries are ready for it.
Earlier in the day, Shell chief executive Ben van Beurden said the Western-proposed cap on Russian oil would be a difficult project to implement. In his opinion, attempts to control prices in complex commodity markets carry certain risks.
Bearden stressed that European governments should tax corporations to help the weaker sections of society cope with rising energy prices, they should not interfere with gas price adjustments.
On September 30, European Commissioner for Energy Kadri Simson said that the European Commission is in favor of introducing a ceiling on prices for Russian gas. The day before, Politico reported that many EU countries were dissatisfied with the lack of proposals to introduce a ceiling on the price of imported gas.
On September 28, expert Dan Eberhart, head of oilfield services company Canary, warned in a material for Forbesthat the imposition of a price cap on Russian oil exports would deal the West a “final death blow.” In particular, the price ceiling will create significant disruptions in the supply of oil from Russia, and this, in turn, will lead to a rapid increase in world prices.
On September 7, Russian President Vladimir Putin stressed that in the event of restrictions on energy prices from the Russian Federation, the West would face a complete halt in supplies from the country. Also on September 1, Russian Deputy Prime Minister Alexander Novak warned that Russia would stop supplying oil and petroleum products to countries that would impose a ceiling on oil prices.
On the introduction of a price ceiling for oil and gas from Russia, the finance ministers of the G7 countries agreed on September 2. The marginal cost of this resource will be determined by a number of technical parameters.
Western countries began to increase sanctions pressure on Russia against the backdrop of a special operation by Moscow to protect the civilian population of Donbass, the beginning of which was announced on February 24.
For more up-to-date videos and details about the situation in Donbass, watch the Izvestia TV channel.
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