Start of Oil Embargo 

by Roman Cheplyk
Monday, February 6, 2023
Start of Oil Embargo 

On 5 February, came into force the embargo on oil sales from Russia to the West 

In June 2022, the EU agreed to impose an embargo on the aggressor's oil. The sanctions relate to offshore oil and petroleum products. Then the EU countries discussed the price limit and even managed to revise it. Currently, there is a price ceiling: of $45 per barrel of crude oil, and $100 per barrel of high processing. On December 5, 2022, such an embargo on offshore oil supplies to the EU countries came into force.

On February 5, 2023, the European Union refused to supply blood oil. Import restrictions include gasoline, diesel, kerosene, oil, and fuel oil. Bloomberg writes that Europe and America will replace Russian services with Indian. In turn, India and China will buy Russian oil at low prices and export it to Europe.

Ukraine reacted to the embargo on oil products and named the estimated losses of Russia to sponsor the war.

"Minus Russian oil products. The EU will stop buying them from now on and thus Russia will lose $40 billion. Sanctions are working," wrote the head of the office of the president of Ukraine Andrii Yermak.

The executive director of the International Energy Agency, Fatih Birol, also noted that the sanctions have yielded their results.

"Birol noted that restrictions on Russian oil prices have reached their goals – both stabilization of oil markets and reduction of Moscow's revenues from oil and gas exports. He added that Russia's revenues were likely to have fallen by almost 30% in January, or by about $8 billion, compared to last year," Reuters wrote.

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