Russia has formulated a response to the introduction of a ceiling on oil prices: the number of countermeasures included, among other things, the refusal of supplies to countries that have joined the restrictions.
According to the newspaper “Vedomosti” citing sources, the refusal of supplies is foreseen if the country receiving Russian oil has adhered to the maximum price, and even if this maximum price appears as a condition in the proposed agreement or if the reference prices are set equal to the ceiling – $ 60 There is also a separate clause in the draft presidential decree that will allow bypassing any restrictions imposed – with the permission of the Cabinet.
It should be noted that, according to the draft, the decree will not have retroactive effect – it will not apply to contracts concluded before December 5, 2022. At the same time, from the date of entry into force, the document will be valid until July 1.
“Response measures must match the level of threats and challenges that the new price mechanism poses not only to Russia, but to all market participants,” – the publication cites a comment by an associate professor at the Financial University under the Government of Russia Leonidas Krutakova.
As the expert points out, what is possible today in relation to one country and one product, tomorrow is possible against other countries and other products.
“In essence, the price ceiling is nothing more than a new form of interaction in the market, which can lead to the abolition of the principles of free trade and the introduction of strict regulation”, – says Krutakov.
