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Russia says it will assess any possible retaliation for the Western oil embargo in early 2023

Russian central bank governor Elvira Nabiullina
Russia's central bank, led by governor Elvira Nabiullina, ordered the stock market to stay closed.SHAMIL ZHUMATOV/Reuters
  • Russia could consider retaliation in response to the Western oil embargo, according to Elvira Nabiullina.

  • Moscow's central bank governor said Thursday the Kremlin would assess the impact of the embargo in February.

  • "It is difficult to assess the impact it will have," she said.

Russia will consider moving to retaliate against the Western oil embargo early next year, according to new comments from the Kremlin's central bank governor Elvira Nabiullina.

She told a news conference on Thursday that it remains difficult to fully realize the impact the embargo will have on the Russian economy, and that Moscow will explore options in February when more information is available.

"There will also be more information, including about any retaliatory actions from the Russian side," She said. "We will take all this into account in February."

The latest slate of sanctions, which included a ban on insurance on Russian crude barrels as well as other shipping services, took hold on December 5. The West announced a price cap of $60 per barrel on Russian crude on December 2 after weighing the measure and a price range for months. Concerns still persist toward the overall effectiveness of the price cap.

US officials worried that a misplaced price cap could send oil prices soaring higher in an already tight year for energy. So far, oil prices have continued to slip, with international benchmark Brent crude trading at $78 per barrel at presstime.

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