Entry into force of the embargo against Russian oil

A new set of sanctions, this time targeting Russian oil, is due to come into force at the start of the week. It is Monday, December 5 that the embargo of the European Union on Russian oil transported by sea begins, which will eliminate two thirds of its purchases of crude oil from Russia.

In addition, the 27 countries of the European Union, the G7 and Australia agreed on Friday 2 December on a cap at “60 US dollars for crude oil of Russian origin transported by sea”. The mechanism will come into effect on Monday “or very soon after”said the G7 and Australia.

Thus, only oil sold by Moscow 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.).

Unchanged quotas

While the moderation of this ceiling has been criticized by Ukrainian officials, Russia has affirmed through the voice of the Kremlin spokesman, Dmitri Peskov, that it “would not accept this ceiling”. Moscow has warned that it will no longer deliver oil to countries that adopt this measure.

In this context, the OPEC + videoconference meeting held on Sunday was particularly scrutinized. The representatives of the thirteen members of the Organization of the Petroleum Exporting Countries (OPEC), led by Riyadh, and their ten allies led by Moscow have decided to maintain their production quotas. Speculation had run on a more drastic cut, but the group preferred to temporize in the face of the uncertainty of the effects of the new set of sanctions on the production of Russian crude.


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