The decision on a threshold for Russian oil purchases, under discussion for several days, was slowed down by the refusal of Poland, which was asking for lower prices.
Bruxelles
The Europeans finally agreed on Friday on the threshold beyond which purchases of Russian oil transported by sea will be impossible. It is pegged at $60 a barrel, slightly below its current price of $65. If the price were to fall below the $60 threshold, a limit of 5% below market price would apply.
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In concrete terms, shipowners, insurers and reinsurers will be prohibited from covering cargoes of black gold once this purchase price is exceeded. And since 90% of Russian oil transported by sea is provided by groups established in the G7 and EU countries, this price cap should also be imposed at the global level, particularly in China and India. .
It will also make it possible to give more relief to the European embargo on Russian oil which is due to take effect from this Monday. “This cap will help stabilize global energy markets (…) and will directly benefit emerging economies and developing countries,” assured on Twitter the President of the European Commission, Ursula von der Leyen. Earlier, the White House also judged the news “welcome”. “We continue to believe that a price cap will help limit the ability to (Vladimir) Putin to take advantage of the oil market to continue financing a war apparatus that continues to kill innocent Ukrainians”National Security Council spokesman John Kirby said.
The reluctance of Poland and the Baltic countries
The G7 countries, as well as Australia, also agreed on Friday night to cap the price of Russian oil at the same price, at $60 a barrel. The agreement on the principle had already been recorded, but it remained suspended from the decision of Warsaw, which gave the green light on Friday on this price, allowing first an agreement within the EU, then with the other countries of the G7 and Australia. The decision of the Europeans, which Washington was waiting for firmly, must still be confirmed by a written procedure. To hear a diplomat, it will be a formality. Poland and the Baltic countries have dragged the schedule. They were opposed to the price proposed by the Commission – 65 to 70 dollars per barrel – considering it far too high. It was going to allow Russia to continue reaping precious profits on black gold to finance the war.
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A cap of 30 dollars per barrel had been proposed by these countries. In recent days, the reluctance of the Balts has been lifted while Warsaw continues to put up resistance. The promise of a new sanctions package against Russia – the ninth! – allowed to win his agreement.
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