The EU embargo on imports (by sea) of Russian oil
comes into force on Monday
and, according to Commission estimates, around 94% of Moscow's crude destined for Europe will be blocked.
Then February 5 will be the turn of refined petroleum products.
Also
on Monday, the ceiling on crude oil prices
(price cap) agreed with the EU, G7 and Australia will enter into force.
The new limit on the price of Russian oil has been set at
$60 a barrel
.
"Russia - specifies a senior EU official - depends on the various services linked to the G7 plus, such as transport, insurance or financing, to move 1 million barrels a day: it will be difficult for them to find alternatives in the short to medium term".
Moscow's anger breaks out for the embargo and the price cap
.
Russia "will not accept" the price cap, the Kremlin spokesman announced, according to Tass reports.
"The coalition that supports the Russian crude oil price cap currently includes the G7 plus but is also open to other partners, who will be able to participate without making big proclamations but by agreeing to
buy Moscow's oil at a price below $60 a
barrel. And we have
several countries, especially in Asia, that have informally indicated that they want to do that
.”
A senior EU official claims it confidentially.
"We'll hear big bangs from the Kremlin these days but it's a sign of nervousness," he adds.
"The Russians have problems selling crude oil not at discount prices and they can't stop production."
The Russian economy "will be destroyed," the Ukrainian presidency said
.
The new cap on the price of Russian oil
"will immediately reduce Putin's most important source of revenue
," said US Treasury Secretary Janet Yellen.
