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US will not support lower price cap on Russian oil due to impact on its own exports

Russian President Vladimir Putin stated that Russia would not supply oil and oil products under the conditions of the price cap

ST. PETERSBURG, June 21. /TASS/. The United States will not support the European Union’s proposal to lower the price cap on Russian oil to $45 per barrel, as such a move would negatively affect American oil exports, Rosneft CEO Igor Sechin said at the St. Petersburg International Economic Forum (SPIEF).

"The European Union continues to push for a reduction in the price cap on Russian oil to $45 per barrel. However, I believe the real objective is to increase the EU’s procurement efficiency from Russia, rather than to reduce Russian budget revenues, as is publicly claimed," Sechin said.

"The numbers speak for themselves: according to Western analysts, since the beginning of 2023, Europe has purchased more than 20 bln euro worth of Russian oil, making it the fourth-largest buyer by volume. It is clear that the United States will not support the reduction in reference prices advocated by the Europeans, as it would undermine the profitability of US oil exports," he added.

On December 5, 2022, the European Union’s embargo on maritime shipments of Russian oil came into effect. The Group of Seven countries, the EU, and Australia imposed a price cap of $60 per barrel on Russian oil delivered by sea to vessels and territories under their jurisdiction. Starting February 5, 2023, similar restrictions were applied to the import of oil products from Russia.

Russian President Vladimir Putin stated that Russia would not supply oil and oil products under the conditions of the price cap.

About the forum

The St. Petersburg International Economic Forum (SPIEF) is taking place on June 18-21. This year, the event is held under the theme "Shared Values: The Foundation of Growth in a Multipolar World." Thematic zones such as the ‘Territory of Innovations’ and the national brand space ‘Buy Russian!’ will operate at the Forum.

The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, the Drug Security Forum, and the Roscongress Urban Hub discussion platform. As part of the cultural program, the Petersburg Seasons festival will be held, and the SPIEF Sports Games will take place.

The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its information partner.

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