Russia’s Oil Exports and the Price Cap: One Can Adapt

Andrej Moiseevich Golubchik and Egor Vadimovich Pak
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Andrej Moiseevich Golubchik: Moscow Automobile and Road Construction State Technical University, Moscow, Russia
Egor Vadimovich Pak: MGIMO University, Moscow, Russia

Russian Foreign Economic Journal, 2023, issue 1, 56-63

Abstract: G7, the EU as well as Australia and Norway agreed a $60 per barrel price cap on Russian seaborne crude oil on December 5, 2022. This restriction could be regarded as a daring milestone in the overall sanctions regime imposed on Russia by the West after the Ukrainian crisis. The paper critically evaluates the price cap and estimates its influence on the Russian economy. The authors reveal two possible ways to circumvent the cap and emphasize the importance of revising the existing oil trading practices in Russia.

Keywords: Russia’s foreign trade; seaborne oil; maritime transportation of oil; price cap; economic sanctions; Russia’s economy; oil trading (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:alq:rufejo:rfej_2023_01_56-63

DOI: 10.24412/2072-8042-2023-1-56-63

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