Russian Foreign Ministry States Failure of Western Policy Setting a Ceiling on Russian Oil Prices

05 December 2023

Russian Deputy Foreign Minister Alexander Pankin told TASS that the Western countries' policy of setting a price ceiling on Russian oil has failed.


"They write and talk about it extensively: we continue to sell [oil], we sell it despite [any challenges], at higher prices. Thus, the Western policy of imposing a price ceiling on Russian oil has failed, although there may be attempts to impose further restrictions," the diplomat commented when asked about the effectiveness of the West's policy after a year of its implementation.


On December 5, 2022, in conjunction with an embargo, the European Union, Group of Seven countries, and Australia implemented a price ceiling of $60 per barrel on Russian oil. This measure prohibited vessels and territories under their jurisdiction from sea transportation and insurance of oil sold above this level. Subsequently, starting February 5, 2023, similar restrictions were extended to shipments of refined petroleum products from Russia. The ceiling was set at $100 and $45 per barrel, depending on the product category.


In response, Russia declared its non-recognition of the imposed price ceiling terms, asserting that Russian companies would not supply oil to countries operating under this mechanism.



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Photo: Russian Foreign Ministry

Based on materials from TASS