They needed to set the discounted price that other nations will pay by Monday, when an EU embargo on Russian oil shipped by sea and a ban on insurance for those supplies take effect.
The $60 figure sets the cap near the current price of Russia’s crude, which recently fell below 60 dollars a barrel. Some criticise that as not low enough to cut into one of Russia’s main sources of income. It is still a big discount to international benchmark Brent, which traded at about $87 dollars barrel on Friday, but could be high enough for Moscow to keep selling even while rejecting the idea of a cap.
But the West has faced increasing pressure to target one of Russia’s main moneymakers – oil – to slash the funds flowing into Mr Putin’s war chest and hurt Russia’s economy as the war in Ukraine drags into a ninth month. Russia also could sell oil off the books by using “dark fleet” tankers with obscure ownership. Oil could be transferred from one ship to another and mixed with oil of similar quality to disguise its origin.
China & India are buying Russian oil at market value. BRICS If I'm wrong let me know.
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: thejournal_ie - 🏆 32. / 50 Read more »
Ukraine military reports Russian withdrawal in southUkraine's military has said that Russia had pulled some troops from towns on the opposite bank of the Dnipro River from Kherson city, the first official Ukrainian report of a Russian withdrawal on what is now the main front line in the south. Russia has lost a lot of officers who died for Putin...... Time for Ukrainians to go now!! Why are u not mentioning the huge ukro losses in bakhmut?
Source: rtenews - 🏆 1. / 99 Read more »
Source: thejournal_ie - 🏆 32. / 50 Read more »
EU agrees to impose price cap on Russian oilThe European Union will join the G7 powers in imposing a $60-per-barrel price cap on Russian oil, the Polish ambassador to the EU has said, three days ahead of an EU embargo on imports by sea. Just when you thought the unelected bureaucrats in the EU couldn't get any more ridiculous.... Ehhh… has Vlad agreed to this new price? Should be less.....
Source: rtenews - 🏆 1. / 99 Read more »
Source: thejournal_ie - 🏆 32. / 50 Read more »
Source: IrishTimes - 🏆 3. / 98 Read more »