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World prices for “black gold” of benchmark grades continue to rise during trading on Thursday morning, with Brent oil breaking through $116 per barrel for the first time since September 2013.
By 05:49 Moscow time, May futures for the North Sea oil mixture Brent rose by 3.37% to $116.74 per barrel, April futures for the West Texas mark WTI by 06:03 Moscow time – by 2.44% to $113.30 per barrel , reports TASS.
At the same time, Alexander Timofeev, Associate Professor of the Department of Economics at the Plekhanov Russian University of Economics, warned in an interview with RIA Novosti that the long-term world oil price of $120 per barrel would cause too many fields to be involved in the development, resulting in an excess of raw materials and subsequently a market collapse. .
Oil has been actively rising in price recently, including against the backdrop of Russia’s military operation in Ukraine and the subsequent sanctions by Western countries against the Russian Federation.
Recall that on February 21, 2022, Russian President Vladimir Putin signed decrees recognizing the independence of the self-proclaimed Donetsk and Lugansk People’s Republics (DPR and LPR), and on February 24 he made an emergency appeal to the Russians and announced a special military operation in Donbass. In his speech, he stated that “circumstances require decisive action from Russia” and stressed that “Russia will not allow Ukraine to have nuclear weapons.”
In response to Russia’s actions, Western countries (USA, Canada, European Union, Great Britain, Japan) announced new, tougher sanctions against the Russian Federation, including financial and economic ones.
In particular, Russian banks fell under the sanctions, including Sberbank, VTB, Novikombank, FC Otkritie and Sovcombank, and for a number of state-owned companies it was difficult to attract foreign capital.
Later, the EU countries and the United States agreed to disconnect Russian banks that fell under sanctions from the international system of interbank transactions and information exchange SWIFT. In addition, it was decided to freeze the assets of the Bank of Russia, which will create difficulties for its use of international reserves. EU countries also pledged to take steps to limit the sale of citizenship — the so-called “golden passports” that allow wealthy Russians connected to the Russian government to become citizens of EU states and gain access to their financial systems.
You can follow the chronicle of events around Ukraine here.
Source: Rosbalt
Tristin is an accomplished author and journalist, known for his in-depth and engaging writing on sports. He currently works as a writer at 247 News Agency, where he has established himself as a respected voice in the sports industry.
