In its oil market outlook report published on October 26, the World Bank mentioned a number of risks, mainly supply issues, including the impact of economic measures. sanctions on Russian exports.

“The oil price cap proposed by the G7 could affect oil flows from Russia, but this is an untested mechanism and will require the participation of major emerging markets as well as major emerging markets,” the report said. developing economies to achieve the goal.”

The report added that while disruptions to the Russian export sector may be short-lived as trade routes are affected, "market participants can still find ways to to circumvent sanctions, as often happens with other rounds of sanctions."

The group of seven leading economies (the US, Canada, France, Germany, Italy, the UK and Japan) agreed last month to impose a ceiling on Russian oil to limit Moscow's revenue from energy exports. However, the price limit has not been decided yet.

Under the plan, banking, insurance and shipping companies would be banned from providing services to Russian companies selling oil at prices above the ceiling. December 5 will mark the deadline of the European Union (EU) banning all imports of Russian crude oil by sea.

In response, Russia said it would not export oil to participating countries in the price cap.