Russia will impose an oil embargo on countries that support price caps.

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(Reuters)

[Instant News/Comprehensive Report] In order to sanction Russia's invasion of Ukraine, Western countries imposed price limits on Russia's oil exports, and Russia countered by banning oil sales.

In this regard, Poland stated that it is already ready to import crude oil from other countries such as Saudi Arabia.

Reuters reported that the Group of Seven (G7) and its allies reached a consensus this month to set a price ceiling of US$60 per barrel for Russian oil.

Russian President Vladimir Putin immediately signed a decree this week, banning the export of crude oil to countries that comply with the sanctions for five months from February 1 next year.

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Since the outbreak of the Ukrainian-Russian War, Poland, which has a tough anti-Russian stance, has gradually reduced its dependence on Russian oil and stopped purchasing Russian seaborne oil after the war.

Oren, the largest refinery in Poland, said that the company has switched to importing from Saudi Aramco to fill the gap.

"We are ready to handle all types of crude oil, that is our advantage," said Poland's climate and environment minister Anna Moskwa, who also believes the next phase of EU sanctions will include a ban on Russian oil.

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