«Problems of economics and management of oil and gas complex»

Assessment of the price ceiling impact on oil and petroleum products on the federal budget revenues

UDC: 338.27
DOI: -

Authors:

¹ Russian Academy of National Economy and Public Administration under the President of the Russian Federation, Moscow, Russia

Keywords: price ceiling on Russian oil, anti-Russian sanctions, unfriendly countries, market outlet, special economic operation by the West, OPEC+ countries

Annotation:

The authors of the article analyze the price ceiling impact on Russian oil and petroleum products introduced by unfriendly countries as part of the eighth package of anti-Russian sanctions. The cardinal changes in the domestic oil market, changes of prices and federal budget revenues in the current conditions are considered. As part of the study carried out, it was revealed that the price ceiling for Russian oil does not have a significant impact in accordance with the established goal setting, taking into account real market conditions. The risks associated with a possible tightening of anti-Russian sanctions and blocking the ways to circumvent them was assessed. Based on the analysis conducted, the authors of the article proposed recommendations for reducing the influence of external factors and minimizing potential risks, taking into account foreign policy influence and interference in market economic relations. In the current conditions, when the price of oil is quite high, additional restrictions from the West may cause a decrease of oil supply in the market, which will certainly lead to an even greater increase of prices. Accounting for these factors, unfriendly countries cannot take more decisive actions for it will strictly hurt their economy and further increase the level of inflation.

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