THE Russia has managed to sell almost all of the oil her very above the price ceiling of 60 dollars per barrel imposed by the Westa Russian government official said today.

The European Union, G7 countries and Australia introduced a price cap on Russian oil last December, aimed at limiting Russia’s ability to finance the war in Ukraine.

“Even unfriendly countries stress that the so-called price ceiling has not worked. More than 99% of oil is trading well above the price of $60 per barrel,” Russian Energy Ministry official Vladimir Furgalsky said during a roundtable discussion in the Upper House of the Russian Parliament.

Russia was forced to halt exports of oil and petroleum products after the price cap was imposed as it struggled to find enough ships to carry all its output.

But then it managed to outsource most of its exports to domestic or non-Western foreign carriers, which do not require Western insurance coverage.

The forecasts of the Russian state bank VEB

According to Russian state-owned bank VEB, which presented its own forecasts at an event today, Russian oil exports look set to reach 242 million metric tons (4.84 million barrels per day) this year, down from 248 million tons in 2022. .

In 2024, Russian oil exports will reach 241 million tons, VEB said.

Andrey Klepats, chief economist at VEB, said Russian pipeline exports of natural gas to Europe would continue to decline sharply, reaching 16 billion cubic meters (bcm) this year from 56 bcm in 2022 and 130-140 bcm previously. .

“This will not recover. Until our relations change radically, but that will happen in the very distant future,” Klepatz said, adding that it would be impossible to offset the decline in Russian gas exports by increasing exports to China.