Russia brews oil embargo to fight back against "price limit order"

"Russia is drafting a presidential decree imposing an oil embargo
on countries that impose maximum price limits on Russian oil.
" Russia's "Economy Today" network reported
on November 27.
At this time, the details of this ban are unclear
.

According to the report, the EU was unable to agree on
limiting Russian oil prices due to too many internal differences.
Poland insisted on setting the price at $30 a barrel
.
Countries such as Greece and Cyprus do not want to limit oil prices below $
70.

The United States abandoned the idea
of imposing secondary sanctions on countries that "violated the price ceiling" due to concerns about Russia's strong response, as reported by Rossiya Gazeta on November 27.
Russia can thus divert most of its oil in other directions, thus avoiding a sharp decline
in oil exports.
Currently, the largest buyers of Russian oil are China, India and Turkey
.
If the EU adopts the prices proposed by the Poles, then Russia will respond toughly, at which point international oil prices may soar to $120 per barrel, which will hit European and American countries
first.

Lin Boqiang, director of the China Energy Policy Research Institute of Xiamen University, told reporters on November 27 that if Russia issues this decree, then global oil prices will face a sharp rise, which will have a greater impact
on inflation in Europe and the United States in the short term.
In addition, due to the lack of infrastructure support in EU countries, it is difficult to find alternative channels to Russian energy supplies in the short term
.

Will EU sanctions on Russian oil have an impact on China? Lin Boqiang said: "In general, China's macro economy will not be greatly affected, because China's energy dependence on oil and gas is relatively small
.
In addition, China has oil deals with many countries, and Russia is just one of them
.
”

Indian Foreign Minister Jay Sujay said before his birthday that India will continue to buy Russian oil and the two countries will expand trade relations
.
However, as the effective date of the EU's price limit order on Russian oil approaches, India's purchases of Russian crude oil are becoming more and more cautious
.
In recent months, India has begun to turn to Africa and the Middle East for crude oil instead of Russia
, driven by reduced discounts on Russian crude prices, tougher European Union sanctions and refineries canceling more regular supplies, the Times of India reported on November 25.