MOSCOW, September 29 The UK is discussing with the rest of the G7 countries the effectiveness of the price ceiling for Russian oil and the possibility of its revision due to changes in the world market, said Deputy Head of the British Treasury Joanna Penn in an interview with Reuters.
Previously, Reuters reported that the G7 countries do not plan to revise the price ceiling for Russian oil, which came into force in December, in the near future.
«We must continue to monitor its (price ceiling — ed.) effectiveness. We must think about how we «We can make sure that we consider how the response might change and therefore how the price threshold and policies should change in response,» Penn said.
According to Penn, the price ceiling supposedly successfully reduces Russia's income and increases its costs of exporting raw materials, while at the same time ensuring the necessary volume of supplies to the world market. However, since the restrictions were introduced, the oil market has changed, and Russia has been able to source most of its exports through domestic or other non-Western shippers, she added.
The deputy minister said that Britain is committed to complying with the restrictions imposed on oil from Russia, but at the same time it is discussing pricing policies with partners, including the United States, and constantly monitoring its effectiveness. Asked whether London was calling for a formal review of its price cap, Penn said a «formal review of the ceiling level is one aspect» of the discussions.
From December 5, the European Union stopped accepting Russian oil transported by sea, and the G7 countries, Australia and the EU introduced a price limit for oil transport by sea at $60 per barrel — it is prohibited to transport and insure more expensive oil. In early December, a source in Brussels told reporters that the European Union plans to review the price ceiling for Russian oil every two months. The G7 planned to discuss adjustments as necessary.