2023 Russian oil products sanctions and price cap information
Economic measures following the Russian invasion of Ukraine
As part of the sanctions which have been imposed on the Russian Federation as a result of the 2022 Russian invasion of Ukraine, on 2 September 2022, finance ministers of the G7 group of nations agreed to cap the price of Russian oil and petroleum products in an effort which was intended to reduce Russia's ability to finance its war on Ukraine and curb further increases in the 2021–2022 inflation surge.[1]
The sanctions against buying Russian oil products took effect on 5 February 2023, introduced as part of the sixth package of restrictions, they were designed to complement the sanctions and price cap on Russian crude oil which were introduced in December 2022.[2] They target products under CN code 2710.[2]
In 2022, the Russian Federation was cushioned against crude oil and gas-based sanction effects as a result of the global rise in oil and gas prices. The price cap sanction was introduced in an attempt to remove the cushion so the revenue which is earned by Russia is restricted and the price of it will not rise when world oil and gas product prices rise in the future. As the EU imported a greater proportion of Russian exported refined oil than crude oil, the impact of this new sanction will be greater.[3]
Russian production of oil products fell 11% in 2023 due to sanctions and low European demand.[4]
^Toh, Alex Stambaugh,Julia Horowitz,Michelle (September 2, 2022). "G7 countries agree to cap the price of Russian oil | CNN Business". CNN.{{cite web}}: CS1 maint: multiple names: authors list (link)
^ ab"EU agrees on level of price caps for Russian petroleum products". European Council. 4 February 2023.
^"Russia is selling the equivalent of £100m worth of foreign currency a day, cuts oil production". 17 February 2023. Retrieved 18 February 2023.
^Cite error: The named reference ship241 was invoked but never defined (see the help page).
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