Russian crude oil price cap should not significantly impact Singapore: Gan Kim Yong

THE price cap imposed by the Group of Seven (G7) nations on Russian crude oil is not expected to have a “significant direct impact” on Singapore’s energy and chemicals sector, said Minister for Trade and Industry Gan Kim Yong.

Gan was responding in a written answer to Parliamentary questions on Monday (Jan 9) on whether the price cap would have any impact on Singapore’s oil and gas industry.

“Given that Russian crude oil accounted for only 2 per cent of Singapore’s crude oil imports on average from 2017 to 2021, we do not expect the G7’s price cap policy to have a significant direct impact on our energy and chemicals sector,” he said.

He added that the ministry has not received any feedback from companies that have been affected by the policy.

Still, the Ministry of Trade and Industry and the Monetary Authority of Singapore have issued an advisory about the potential impact of the price cap on companies’ operations on their respective websites.