MOSCOW (Pakistan Point News / Sputnik - 13th January, 2023) The Russian market of petroleum products in 2023 is expected to be calm, the embargo of the European Union, which comes into force on February 5, affects it only indirectly, Saint Petersburg International Mercantile Exchange (SPIMEX) CEO Aleksei Rybnikov said on Friday.
In October, the European Union introduced the eighth package of sanctions against Moscow, which included a legislative basis for setting a price cap for maritime shipments of Russian oil to third countries; the price cap for refined products coming from Russia is scheduled to take effect on February 5.
"The embargo on petroleum products affects trading on the stock exchange in Russia only indirectly. The supply of petroleum products is now very excessive in relation to the needs of the domestic market. The domestic market is always a priority from the point of view of the government, from the point of view of manufacturers, especially now. Therefore, we expect a fairly calm year for the domestic market," Rybnikov said.
