A few days ago, European Commission Chairman von der Leyen announced on social media that EU , G7 and other global partners unanimously agreed to implement a price cap of US$60 per barrel for "Russia oil". According to the agreement reached by various countries, transportation insurance and financial services will be prohibited for Russian oil, which is sold for more than US$60 per barrel. From December 5, the price limit measures for crude oil on Russia will take effect, and from February 5 next year, the price limits for Russian refined oil products will take effect.
Subsequently, the agreement countries participating in the price limit issued a statement claiming that the move aims to prevent Russia from profiting from the Ukrainian crisis, reduce Russia's energy export income, stabilize global energy prices, and reduce the negative economic impact caused by the energy crisis .
The process of the Russian oil price limit was quite tortuous. In the previous few months, the fierce debate caused by this has been spreading within the EU and divided it into three factions. One is a radical faction represented by Polish , strongly demanding that the Russian oil price be kept at around US$30 per barrel; the other is a moderate faction represented by Hungary, opposing the implementation of price limit measures or seeking price limit exemptions for the country; the other is a neutral faction represented by Greek , although they are worried that the price limit measures will affect their maritime and insurance business, if the EU can find a proper solution, they will not oppose price limits.
In this case, the EU comprehensively handled the opinions of the three factions and carried out a coordinated processing. The price limit of Russian oil of US$60 per barrel is almost the same as the current discounted price of Russian crude oil , and has a small impact on the business of sea transport countries such as Greece. Poland has won the power to modify the price limit according to market prices, and Hungary has also obtained exemption as it wishes. After such twists and turns, this price limit measure that has been favored by many parties was released.
Russia responded very strongly to this. As early as the beginning of the discussion on Russian oil price limit, Russian Vice Premier Novak said that Russia will not provide crude oil to any country that takes price limit measures. Because this move has seriously disrupted the market mechanism. Shortly after the price limit measures were introduced, Russian Presidential Press Secretary Peskov responded that Russia would not accept such a ridiculous move, and would conduct a quick assessment of it, then respond, and look for new buyers around the world.
The impact of the West on Russia and the international crude oil market is still unclear, because the main channels of Russian oil exports have turned to trends. China and India are currently the largest buyers of Russian oil. Other countries such as Pakistan , Myanmar, Indonesia and Philippines have also purchased Russian oil at low prices. The price limit order obviously will not have an impact on these countries.
On the day when the Western price limit order came into effect, the 27th China-Russia head of government met regularly. Regarding matters related to China-Russia energy cooperation, Russian Prime Minister m Shuskin conveyed two messages. First, the China-Russia energy partnership is strategic, and Russia's supply of natural gas, oil and coal to China is steadily increasing. Russia is willing to ensure that all the current contractual obligations of the two countries in the energy sector are fulfilled and work on new large-scale initiatives. Second, China and Russia will be committed to restoring the flow of goods and establishing new logistics chains.
m Shustin added that under the current international environment, China and Russia have similar ways to deal with many international issues. Both sides advocate the establishment of a multipolar international relations framework and are willing to jointly respond to the growing external pressure and achieve common prosperity.
At the regular press conference of the Ministry of Foreign Affairs, a reporter asked whether China was considering joining the Western oil price limit agreement on Russia, my Foreign Ministry spokesperson Mao Ning responded that China and Russia have always carried out energy cooperation in the spirit of mutual respect and mutual benefit and win-win results. As for specific issues, you can find out from the Chinese competent authorities.
At the moment when the West expands its suppression of Russia, China's statement undoubtedly injects a shot of augmentation into Russia.The high degree of mutual trust and endogenous driving force between the two countries is the cornerstone of maintaining long-term stability of bilateral relations. Under the principles of non-alignment, non-confrontation, and non-targeting third parties, China and Russia will continue to uphold the spirit of mutual respect, equality and mutual benefit, and continue to promote practical cooperation in various fields. The West's plan to win over China's dealing with Russia will definitely be difficult to achieve.
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