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

Author

Listed:
  • Andrej Moiseevich GOLUBCHIK

    (Moscow Automobile and Road Construction State Technical University, Moscow, Russia)

  • Egor Vadimovich PAK

    (MGIMO University, Moscow, Russia)

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.

Suggested Citation

  • Andrej Moiseevich GOLUBCHIK & Egor Vadimovich PAK, 2023. "Russia’s Oil Exports and the Price Cap: One Can Adapt," Russian Foreign Economic Journal, Russian Foreign Trade Academy Ministry of economic development of the Russian Federation, issue 1, pages 56-63, January.
    • Handle: RePEc:alq:rufejo:rfej_2023_01_56-63
    DOI: 10.24412/2072-8042-2023-1-56-63
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