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IMF expects the price cap to have little effect on Russian oil shipments.
According to the IMF’s World Economic Outlook update, the price cap placed by Western nations on the volume of Russian oil exports is expected to have little effect.
According to the document, “Russian crude oil export levels are not likely to be materially affected under the current oil price cap level of the Group of Seven, with Russian commerce continuing to be shifted from sanctioning to non-sanctioning nations.”
As of December 5, the G7 nations, the EU, and Australia have set a restriction on the price of Russian seaborne oil at $60 per barrel for their affiliated ships and territory.
A price cap on petroleum goods will also go into effect on February 5, 2023; its specifics will be determined later.
Vladimir Putin, the president of Russia, issued a retaliatory decree on December 27 that forbids the sale of Russian oil to companies that have ratified these penalties beginning in February.
The head of state also reserved the right to make unique judgments on the supply of oil and petroleum products, but this order forbids those decisions from being carried out.
The ban’s execution will be watched over by the Russian Energy Ministry.
The agreement comes into effect on February 1, 2023, and it remains in effect until July 1, 2023.
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