Moscow Reportedly Mulls Three Options to Retaliate Against EU Price Cap on Russian Oil
Earlier this week, Russia’s Deputy Prime Minister Alexander Novak warned that the introduction of a price cap on Russian oil can only lead to a decrease in global investments in the industry, which in turn will lead to an increase in prices. | Moscow is considering three possible options to respond to the introduction of a price cap on Russian oil by the EU and G7, a Russian newspaper reported. ● The news outlet cited several unnamed sources close to the government as saying that the first scenario stipulates a full-blown ban on the sale of Russian crude to those states, including G7 members, who supported the price cap, even if they purchase the oil from Russia through intermediaries or their chain. ● The second option envisages a ban on oil exports under contracts that include a price cap-related clauses, regardless of which country acts as a recipient, according to the insiders. ● They added that under the third scenario, a measure pertaining to an "indicative price" may be introduced. This price defines the maximum Russian Urals oil’s discount with respect to the Brent crude, and a potential deal will not be approved if the discount is increased.
■ Western price cap on Russian oil likely to be another spectacular failure