In early December, the 27 countries of the European Union, the G7 and Australia agreed to put a maximum ceiling of 60 US dollars for crude oil of Russian origin transported by sea.
Thus, only oil sold by Moscow at a price of $60 or less can continue to be delivered to these countries.
Beyond that boundary, companies they will be prohibited from supplying the services that allow their transport such as freight or insurance.
The objective of this Western measure is to hinder the enormous income that Moscow obtains from selling its hydrocarbons and thus diminish its ability to finance military intervention in Ukraine.
A few days after the introduction of this price limit, the Russian president, Vladimir Putin, defined it as a “stupid decision” and threatened the West to “reduce production” of oil “if necessary.”
After the information was released, the prices of both Brent and West Texas Intermediate (WTI) barrels increased more than 2.5%.
Source: Ambito
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