It's a new blow aimed at weakening Moscow and its markets a little more.
kyiv even predicted this Saturday to Russia that its economy would be destroyed by the cap on the price of its oil, on which the European Union, the G7 and Australia agreed, in order to limit the means of Moscow to finance the conflict in Ukraine.
"We always achieve our goal and Russia's economy will be destroyed, and it will pay and be responsible for all its crimes," Ukrainian presidential chief of staff Andriy Yermak said on Telegram.
On Friday, the 27 countries of the European Union, the G7 and Australia had agreed after weeks of discussions on “a maximum price of 60 US dollars for crude oil of Russian origin transported by sea. “, according to the terms of a joint press release.
In this first official reaction from kyiv, Andriï Iermak noted on Saturday that "it would have been necessary, however, to lower (the ceiling price) to 30 dollars to destroy (the Russian economy) even more quickly".
A limited short-term impact
The price of a barrel of Russian oil (crude from the Urals) is currently fluctuating around 65 dollars, barely above the European ceiling, implying a limited impact in the short term.
US Treasury Secretary Janet Yellen, however, welcomed the announcement, which "is the culmination of months of effort by our coalition".
The agreement was made possible by the consensus reached on Friday by the Twenty-Seven of the European Union.
The finance ministers of the G7 countries had agreed in early September on this tool, designed to deprive Russia of financial means.
The mechanism will come into force on Monday “or very soon after”, specify the G7 and Australia.
It is indeed Monday that the EU embargo begins on Russian oil transported by sea.
Read alsoEuropean embargo on Russian oil: a measure more symbolic than economic?
Concretely, only the oil sold by Russia at a price equal to or less than 60 dollars can continue to be delivered.
Beyond this ceiling, it will be prohibited for companies to provide services allowing maritime transport (freight, insurance, etc.).
Currently, G7 countries provide insurance services for 90% of global cargo and the EU is a major player in sea freight - providing a credible deterrent, but also a risk of losing markets to competitors.
Russia, the world's second largest exporter of crude, had for its part warned that it would no longer deliver oil to countries that would adopt this cap.
A ceiling for petroleum products in 2023
Without this ceiling, it would be easy for him to find new buyers at the market price.
“We will be ready to review and adjust the maximum price if necessary”, assure G7 and Australia in their press release.
And a ceiling should also be found for Russian petroleum products from February 5, 2023. The European embargo comes several months after the one already decided by the United States and Canada.
Russia has earned 67 billion euros from its oil sales to the EU since the start of the war in Ukraine, while its annual military budget amounts to around 60 billion, recalls Phuc-Vinh Nguyen, an expert on issues energy at the Jacques-Delors Institute.
