Siluanov allowed a drop in oil production in Russia by 17%

The Ministry of Finance predicts a decline in oil productionin RUSSIA by 17% in 2022 if European countries refuse it. Earlier, the EU announced the preparation of the sixth package of sanctions, which will affect oil imports,

Russian oil production this year may fall by 17%, the further fate of energy sales from Russia is still difficult to predict, Finance Minister Anton Siluanov told reporters.

Will there be a decrease in production? Will be. In what volumes: 17%, a little less or a little more - perhaps, ”said the HEAD of the Ministry of Finance in response to a question about the department’s assessment of the consequences of the refusal of European countries to purchase oil from Russia.

Siluanov noted that the ministry took into account "the current situation with the exchange rate, production volume" and fuel prices, but the option of countries refusing to purchase Russian oil was not calculated. “We didn’t count it, of course, how could we calculate it? Because which countries will refuse, [which] will not refuse?” the minister pointed out.

REUTERS learned that European countries have resumed oil purchases from the UAE Business

In the event that Western states refuse Russian oil, Moscow will look for other consumers, Siluanov continued. He added that the Polish side refused to import gas from Russia, and all forecasts of the Ministry of Finance were calculated on the basis of previous prices before their increase.

“Now the volumes are decreasing, but the prices are rising. In general, our companies have more or less balance. What will be the prospects for the remaining periods of the end of the year, it is difficult to say yet,” the minister concluded.

BLOOMBERG learned about three options for restrictions on Russian oil Politics

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The European Union is now working on a sixth package of restrictive measures against Russia, which will include sanctions against Russian oil, Valdis Dombrovskis, deputy head of the European Commission, told The Times two days earlier. European countries are preparing "smart" sanctions that will minimize damage to European economies, he said. Dombrovskis added that it could be a gradual phase-out of oil from Russia or the gradual establishment of tariffs on imports that exceed a certain price ceiling.

In total, the EU is considering three possible scenarios, sources told Bloomberg: an embargo, setting a price cap, and creating a “payment mechanism to withhold the proceeds” that Moscow has received since the start of a military special operation against Kyiv.

Reuters reported problems with the transportation of Russian oil in India Economics
Institute of International Finance found that Russiamay significantly increase oil EXPORT revenues, the figures for April will exceed the profit for the same period last year, wrote Foreign Policy. The publication pointed out that oil exports in Russia are still moving at a "record pace", despite large discounts compared to world benchmarks.

See also EU and Britain disagree on sanctions against Russian energy carriers 00:45

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