The US urged traders not to be afraid of transactions with Russian oil
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The United States urged several major commodity traders not to be afraid of deals with Russian oil if they are within the established price ceiling. This is reported by the Financial Times with reference to sources familiar with the progress of the negotiations.
According to the publication’s sources, representatives of the US Ministry of Finance met, in particular, with the management of the companies Trafigura and Gunvor to discuss transactions with Russian oil.
Despite the fact that Washington has never opposed the trade of Russian oil within the framework of the established price ceiling, the largest traders were wary of such transactions. “Decisions must be made by the companies themselves. Our goal is to communicate what is allowed within the framework of the architecture of price restrictions,” said one of the representatives of the US presidential administration.
As noted by the Financial Times, the price ceiling was introduced to reduce Russia’s income, while the Biden administration sought to keep Russian oil on international markets, fearing a subsequent reduction in supplies from one of the world’s largest energy exporters.
As a source in one of the companies emphasized, traders already know that they can trade Russian oil under certain conditions, the question is whether it is really attractive considering all the potential risks.
- In December 2022, the price ceiling for Russian oil exported by sea at $60 per barrel came into effect. In response, Russian President Vladimir Putin banned the sale of Russian oil and petroleum products to countries that agreed to the price ceiling.
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