The price ceiling for Russian oil was introduced to reduce the income that Russian President Vladimir Putin receives worldwide to continue the war against Ukraine.

US Deputy Secretary of State Victoria Nuland told journalists about this, Radio Svoboda writes.

"The goal here is that as Europe weans itself from Russian oil and imposes certain restrictions on it, we collectively continue to

reduce Putin's oil revenues,

not only in Europe, but around the world," she explained. Nuland.

She added that when a number of countries set price limits, other countries that import Russian oil and pay $85 or $90 today

will not want to insure contracts worth more than $60.

The deputy state secretary noted that this will have a double effect. 

"This is necessary in order to keep Russian oil on the market, which we need so that prices do not increase as a result of a reduction in supply. And also - 

to reduce the price that everyone is willing to pay for Russian oil

," Nuland explained.

What is known about the price ceiling for oil from the Russian Federation

On December 3, the Council of the European Union adopted a decision to introduce a price cap on Russian crude oil transported by sea.

The limit was set at the level of 60 dollars.

per barrel

The level may still be adjusted depending on market developments.

This means that 32 countries of the world (27 EU countries, the United Kingdom, the United States, Canada, Japan and Australia) will provide services related to Russian oil only if it was purchased at a price of $60.

or lower.

In particular, the services include mandatory transportation insurance.

According to the Financial Times, Russia has already invented a scheme to circumvent oil restrictions and is forming a "shadow fleet" for this purpose.

Thus, the Russian Federation purchased more than 100 vessels for the transportation of oil.

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