WASHINGTON, April 19. /TASS/. Russia continues to receive large revenues from oil exports, despite the price ceiling on Russian fuel that the countries of the collective West tried to impose, the European Department of the International Monetary Fund (IMF) said in its regional economic outlook report.
"With global oil prices still elevated and the discount on Russian oil lower than at the beginning [of the conflict in Ukraine] despite the price cap, oil export revenues remain high and bolster the economy," the report says.
Earlier in its report on the development of the world economy, the IMF noted that Russian oil is sold on the world market mainly above the price ceiling that the West tried to set.
On December 5, 2022, an embargo on maritime Russian oil shipments to the European Union came into force. G7 nations, the EU and Australia agreed on a price cap for Russian oil delivered by sea, setting the ceiling at $60 a barrel. Moreover, starting February 5, 2023, similar restrictions on deliveries of petroleum products from Russia were enforced as the EU Council officially greenlighted the decision, in conjunction with the G7, to introduce a price ceiling on Russian petroleum products supplied by sea at $100 for premium oil and at $45 for discount. Changing these restrictions requires the consent of all EU states and G7 members.
Russian President Vladimir Putin stressed on October 12, 2022 that Moscow will not pay for the welfare of others at its own expense and will supply energy resources to countries that limit their costs. He called the introduction of a cap on fuel prices from Russia a fraudulent ploy and unprecedented blackmail. In addition, Putin warned that the introduction of a price cap on oil could entail the risk of imposing the same cap in other sectors, destroying the global market economy and jeopardizing the well-being of billions of people.