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February 09
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Europe officially stops importing Russian oil delivered by sea and will try to impose a $60-per-barrel price cap on it for other buyers.

On Monday, an EU embargo on oil deliveries by tanker from Russia comes into effect; at the same time, the EU, G7 countries and Australia decide to prohibit the transportation and insurance of Russian oil worth more than $60 and at least 5% below the market price. Russia, in its turn, does not intend to supply oil under the price ceiling conditions, while experts do not rule out an increase in oil prices over $100.

The European Union adopted the sixth package of sanctions against Russia back in June, including the deferred embargo on Russian oil shipments from December 5 and oil products from February 5, and in September the G7 Finance Ministers said they would introduce a price ceiling on Russian oil. Bulgaria will be able to get by sea oil and oil products of the Russian Federation until the end of 2024, Croatia - until the end of 2023 to buy gas oil.

At the same time, several European countries will continue to receive Russian pipeline oil. Exceptions are provided for the import of oil through pipelines for those EU states which due to their geographical situation have no alternatives to Russian resources.

Russia with its share of the world oil market of almost 11% is the second exporter after Saudi Arabia. According to the Federal Customs Service, in 2021 Russia exported 229.9 million tons of oil to 36 countries. China accounted for 70 mln tons and the European Union for 47% or 108.1 mln tons of supplies. Oil supplies by sea to non-CIS countries last year accounted for about a half of it - 118.5 million tons.

As the International Energy Agency reported, by October the EU countries have already reduced imports of Russian oil by 1.1 mln bpd to 1.4 mln bpd, and after the embargo comes into effect the Russian Federation has to redirect 1.1 mln bpd of oil and 1 mln bpd of oil products.

According to the Argus agency, the majority of European countries had already rejected maritime deliveries of oil from Russia before the embargo. The volume of sea shipments of oil from Russia to the EU countries in October halved to 770,000 b / c from 1.6 million b / c in January. According to Sergei Agibalov, vice president of consulting in the CIS at Argus, Russian companies have generally succeeded in reorienting the flows, sending oil to Asia.

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