In response to the possible introduction of a price ceiling on Russian oil, Russia began dumping, offering Asian countries prices significantly below market prices.
Several Asian countries have received an offer from Russia for long-term oil contracts at a discount. It was reported by Bloomberg, citing an unnamed Western official.
The source of the agency said that Russia is ready to provide a discount on oil up to 30% of the market price. In this way the Russian Federation is trying to prevent the G7 negotiations on the exclusion of third countries from the oil sanctions against Russia. Such countries will be able to receive oil from Russia at low cost.
In June, the EU approved the sixth package of sanctions, under which European states must completely stop importing Russian oil within six months and refuse oil products within eight months. Oil delivered by pipeline is not affected by these restrictions.
G7 also intend to establish a price ceiling for Russian oil by December 5 this year. In this case, the maximum price should be lower than the market price, but exceed the cost of production of energy resources.