EU push to target Russian oil exports will have consequences
The European Commission's push to lower the price cap on Russian oil exports risks fueling instability in the global energy markets, Kremlin spokesperson Dmitry Peskov has warned.
His remarks came in response to reports that Brussels is reviewing the current price cap established under EU sanctions.
'Such actions undoubtedly do not contribute to the stabilization of international energy and oil markets,' Peskov said on Wednesday.
The European Commission proposed its 18th round of sanctions on Russia on Tuesday, targeting energy exports, infrastructure, and financial networks.
The measures include cutting the oil price cap from $60 to $45 per barrel, banning the future use of the Nord Stream gas pipelines, restricting imports of refined fuels made from Russian crude, and blacklisting 77 vessels that the EU claims are used to evade existing sanctions. The new package, which aims to pressure Moscow over the Ukraine conflict, requires the support of all 27 EU member states to take effect.
Peskov said the Kremlin is closely monitoring the EU's actions, adding that Russia will respond in a way that best protects its interests if the bloc changes the price cap.
He added that Russia has long operated under the 'illegal' sanctions and has gained 'very useful experience' in how to minimize any 'negative consequences.'
In December 2022, the EU, along with the G7 and Australia, introduced a $60 per barrel price cap on Russian seaborne crude oil, barring Western shipping and insurance companies from handling cargoes sold above the cap. The measure was part of broader efforts aimed at reducing Russian export revenues amid the Ukraine conflict.
Russia has rejected the Western oil price cap, saying the measure distorts market mechanisms and threatens investment in the global energy sector, while warning that it will halt supplies to any country that backs the cap.
The global oil market remains sensitive to developments regarding the enforcement of the oil price cap. According to market players, previous attempts to enforce it have faced resistance from shipping and insurance companies. Analysts have pointed out that since its introduction, the cap has been almost completely ignored, as almost no seaborne crude cargoes have been traded below the $60-per-barrel limit.
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