Putin's blow: In India, they talked about a price ceiling for Russian oil

It is known that after the full -scale invasion of Russia in Ukraine, India became the second largest oil client of the Kremlin after China, since Western companies did not want to buy Russian oil because of sanctions. But now, India seems to agree with the sanctions of the European Union that prohibit Russian oil imports. Sanctions shall come into force on December 5, 2022.

"I think there is an exception for Japan through Sakhalin, and there is an oil that comes with a pipeline, so they have an exception . . . We will have to consider it," said India Minister Hardyip Singh Puri. It should be noted that according to Reuters, Indian Oil Corp (IOC. NS), the largest refinery of Indian Oil Corp (IOC. NS) has planned to supply 3-4 cargoes of Russian oil after December 5.

The price limitation plan requires G7 countries to refuse insurance, financial, brokerage, navigation and other services for oil cargoes, the price of which exceeds the maximum price for oil and for certain petroleum products.

This strategy, according to G7, will not only be a reaction of the event to a full -scale invasion of the Armed Forces of the Russian Federation into Ukraine, but will also be a rescue for oil buyers from Russia, which will also be able to use such services as tanker financing and insurance. According to experts surveyed, oil prices for Russia will be implemented through tanker insurance, since the lion's share of world insurers is Western companies.

"Oil varieties of Russian descent can not be exported through ports, as insurance of such tankers will be forbidden. That is, G7 will close most markets for Russian varieties and Sokol for Russian varieties," - comments Vitaliy Shapran, a member of the NBU Council. Oil buyers, which in the aggregate account for about 80% of world GDP, will voluntarily undertake to buy Russian oil at a predetermined price.

And insurance and logistics companies that control more than 50% of the global oil transportation market will refuse to insure and transport oil, the price of which will be higher than the one determined It will be safely compared to Himars on the sanction front. The digits of the aggressor's loss, according to the expert, depend on the ability to impose such a restriction in principle, as well as specific parameters of such arrangements.