Bloomberg: russian economy suffers due to oil sanctions

Russia lost the European market of more than 1.5 million barrels per day. By the end of the year, it will lose another 500,000 barrels per day if Poland and Germany stop importing oil through pipelines.

Previously, the US administration feared that EU sanctions on russian oil would lead to a sharp rise in energy prices, writes Bloomberg. Of particular concern was the ban on logistics, insurance and financial services related to the transportation of russian oil by tankers.

To mitigate the consequences, it was proposed to set an upper limit on its price at the level of $60 per barrel – in this case, the ban on supplies and services does not apply.

However, as Bloomberg writes, russian federation lost the European market – more than 1.5 million barrels per day. By the end of the year, russia will lose another 500,000 barrels per day if Poland and Germany fulfill their obligations to stop importing oil through pipelines.

At the same time, world oil prices fell. At the end of the week, Brent crude was trading at less than $77 per barrel. At the same time, the price of russian Urals oil fell even more and was sold for a little more than 40 dollars per barrel (that is, at cost) in the Baltic ports of the country.

EU sanctions not only did not create a shortage of oil, but also led to oversaturation of the markets, the publication says.