Russian oil price cap policy has largely failed — Politico

  BRUSSELS:  Attempts by the EU and G7 to impose a price cap on Russian oil have largely failed, the European edition of Politico stated. Th...

 


BRUSSELS:  Attempts by the EU and G7 to impose a price cap on Russian oil have largely failed, the European edition of Politico stated.

The newspaper notes, that Russian oil at a price exceeding the ceiling of $60 per barrel is freely transported even by European traders, who should have been the first to comply with the restrictions.

"Around 48% of Russian oil cargoes were carried on tankers owned or insured in G7 and EU countries, the researchers found; in theory, the price cap should apply to these vessels, which comprise the vast majority of the global fleet but in practice, few operators have been targeted," the newspaper wrote.

The newspaper blames the failure on " widespread circumvention [of restrictions], gaping loopholes [in bans] and the ongoing fuel business with Moscow."

According to the publication, the oil price cap dealt the first blow not to Russia, but to the monopoly capabilities of the West in providing financial services to oil carriers and traders.

The newspaper notes that EU countries intend to try to tighten the standards for implementing these restrictions in the 12th package of sanctions, which is currently being discussed. However, according to Janis Kluge, a senior associate at the German Institute for International and Security Affairs, the EU should "adjust its expectations of sanctions."

"At current prices, and even if Russia earns these $60 in the price cap … this will not affect revenue enough to force any change of strategy or to limit Russia's resources enough to make a difference on the battlefield," he said as quoted by the newspaper.

On oil price cap

On December 5, 2022, an embargo on maritime Russian oil shipments to the European Union came into force. G7 nations, the EU and Australia agreed on a price cap for Russian oil delivered by sea, setting the ceiling at $60 a barrel. Moreover, starting February 5, 2023, similar restrictions on deliveries of petroleum products from Russia were enforced as the EU Council officially greenlighted the decision, in conjunction with the G7, to introduce a price ceiling on Russian petroleum products supplied by sea at $100 for premium oil and at $45 for discount.


-News Feed

COMMENTS


*

Name

AROUND THE GLOBE,3191,business,74,BY READERS,479,FEATURE,289,GLOBE,16,KERALA,13,Movie,327,s,1,SPECIAL STORY,394,TAMILNADU,3,TOP STORY,3912,TRAVEL,8,
ltr
item
Local Glob: Russian oil price cap policy has largely failed — Politico
Russian oil price cap policy has largely failed — Politico
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhRNbEX3D-SbnyAlt8La53hjYmGnQO5EDc15InYIK9dK9xXlhzayYfPW8-JoRcS3JrC6h3R2zZLrwdnlO3_z_0BCH5IZGAkSy6aVzOjmNBqYE5DvzjKmKoa9yqXY8B_z8d1y47UYFaoz1JynGM1tdlFyKv1eIuRYrgzI0LDO3VlMLPBE22cRsCIcCFeW9am/s320/oil.jpg
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhRNbEX3D-SbnyAlt8La53hjYmGnQO5EDc15InYIK9dK9xXlhzayYfPW8-JoRcS3JrC6h3R2zZLrwdnlO3_z_0BCH5IZGAkSy6aVzOjmNBqYE5DvzjKmKoa9yqXY8B_z8d1y47UYFaoz1JynGM1tdlFyKv1eIuRYrgzI0LDO3VlMLPBE22cRsCIcCFeW9am/s72-c/oil.jpg
Local Glob
https://www.localglob.com/2023/12/russian-oil-price-cap-policy-has.html
https://www.localglob.com/
http://www.localglob.com/
http://www.localglob.com/2023/12/russian-oil-price-cap-policy-has.html
true
8255692317570297677
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy