Russia’s Oil Exports and the Price Cap: One Can Adapt

Authors

  • Andrej Moiseevich Golubchik Moscow Automobile and Road Construction State Technical University (MADI)
  • Egor Vadimovich Pak MGIMO University

DOI:

https://doi.org/10.24412.2072-8042-2023-1-56-63

Keywords:

Russia’s foreign trade, seaborne oil, maritime transportation of oil, price cap, economic sanctions, Russia’s economy, oil trading

Abstract

G7, the EU as well as Australia and Norway agreed a $60 per barrel price cap on Russian seaborne crude oil on December 5, 2022. This restriction could be regarded as a daring milestone in the overall sanctions regime imposed on Russia by the West after the Ukrainian crisis. The paper critically evaluates the price cap and estimates its influence on the Russian economy. The authors reveal two possible ways to circumvent the cap and emphasize the importance of revising the existing oil trading practices in Russia.

Author Biographies

Andrej Moiseevich Golubchik, Moscow Automobile and Road Construction State Technical University (MADI)

Candidate of Economic Sciences
Place of work, post: Moscow Automobile and Road Construction State Technical, Department of Legal and Customs Management of Transport, Associate Professor

Egor Vadimovich Pak, MGIMO University

Candidate of Economic Sciences
Place of work, post: Moscow State Institute of International Relations (University) MFA Russia, Department of International Economic Relations and Foreign Relations, Associate Professor

Downloads

Published

2024-01-25

How to Cite

Golubchik, A. M., & Pak, E. V. (2024). Russia’s Oil Exports and the Price Cap: One Can Adapt. Russian Foreign Economic Journal, (1), 56–63. https://doi.org/10.24412.2072-8042-2023-1-56-63

Issue

No. 1 (2023)

Section

Foreign trade activity