Recently, Australia, the US, and the EU have introduced a price ceiling on Russian oil. However, this measure is unlikely to deprive Moscow of income and may severely hit Europeans, according to the US-based Foreign Policy magazine. The periodical explains that the price cap will not be substantially feasible, despite being presented as a diplomatic victory in the West aimed to reduce Russia’s public revenue. In recent years, the Urals brand has been sold at an average price of $60 per barrel. Currently, it is sold at a $20 discount. The article notes that the EU will revise its price ceiling in January as several countries argue the current measure. Notably, Poland insists on lowering the bar to $30 per barrel, while Greece, Cyprus, and Malta, which receive profits from oil transit, oppose such a measure. The existing differences on this issue may create difficulties in achieving unity on fuel sanctions, Foreign Policy concludes.
