MOSCOW, December 16. /TASS/. The Bank of Russia will be able to estimate the influence of the embargo on Russian oil in February at the earliest when the regulator gets more information, Governor Elvira Nabiullina said on Friday.
"As far as the influence of the embargo [on Russian oil] is concerned, so far, it is rather difficult to estimate it and all its effects. We will try to do that at the February flagship meeting when we adjust our outlook. There will be more information, including on the Russian side’s response, and that will be taken into account in February," she told a press conference following a meeting of the regulator’s board of directors on the key rate.
The introduction of the embargo by the EU and the price cap on Russian oil worsen the prospect of exports from the country, putting more pressure on the ruble, the Central Bank’s chief noted. "The introduction of the embargo and the price cap on Russian oil coincided with a drop in global prices for hydrocarbons over the worsening outlook for the global economy. A prolonged period of low prices and their additional plunge could lead to sustainable losses in exporters’ revenues, an escalation of geopolitical tensions, the tightening of sanctions, and they worsen the prospects of Russian exports and mean a more rapid reduction in the trade balance, creating pressure on the ruble," she explained.
On December 5, an embargo on maritime Russian oil shipments to the European Union came into force. Moreover, EU states also agreed on a price cap for Russian oil delivered by sea, setting the ceiling at $60 a barrel. A similar decision was announced by the G7 and Australia. The West is also banning its companies from providing transport, financial and insurance services to tankers carrying oil from Russia at a price above the agreed-on ceiling.