Russia set to address sanctions concerns at APEC summit– TASS

Russia will address the matter of anti-Russian sanctions at the ongoing APEC summit in San Francisco, the country’s state-owned media agency TASS reported.

PHOTO: Russian flag. Getty Images

Russian first deputy prime minister and chief delegate to the Asia Pacific Economic Cooperation (APEC) summit Alexey Overchuk said that the country will “raise the issue of anti-Russian sanctions” at the APEC forum, TASS reported.

The APEC summit is currently being held in San Francisco and will run until tomorrow. Russia is a member of the APEC forum, along with countries such as China, Australia and the US.

“Now that the world is facing major global challenges, any restrictions or constraints of economic development and economic contacts will undoubtedly have a negative effect on economic development and on the well-being of our nations,” TASS quoted Overchuk as saying.

Russia has been under a strict regime of West-imposed oil sanctions and price caps on Russian exports of crude oil and oil products since late 2022 after the country invaded Ukraine last year. Among the imposed sanctions, the price cap coalition of G7 members set price caps on Russian oil and refined products in retaliation to Moscow’s invasion of Ukraine in February 2022.

The price caps on Russian oil are a strategic move by Washington and its allies to curtail Russia's export revenue, thereby limiting the country’s financial resources available for sustaining the ongoing conflict in Ukraine.

Earlier this year, two price caps on Russian refined products were set. The first one was a price cap of $100/bbl on products such as diesel and gasoil that trade at a premium to crude and a cap of $45/bbl on products like fuel oil that are traded at a discount to crude. Previously in 2022, a price cap of $60/bbl was set on crude oil originating from Russia.

Meanwhile, the G7 group of countries - Canada, France, Germany, Italy, Japan, the UK, the US, and the “non-enumerated member” EU - and Australia reaffirmed their unity on sanctions against Russian exports, including crude oil and petroleum products.

At a recent meeting held in Tokyo, foreign ministers of the G7 nations confirmed that it will “remain united in its attitude to impose severe sanctions against Russia and provide strong support for Ukraine,” a statement released by Japan’s Foreign Ministry noted.

By Aparupa Mazumder 

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