The $60-per-barrel price cap, set by the G7 nations, the European Union and Australia, came into force on Monday as they try to limit Russia’s ability to finance its war in Ukraine.
In response, the Kremlin and the Russian government are considering banning oil sales to all countries that supportedthe restriction, the business daily Vedomosti reported, citing two unidentified sources close to the government.The second option being considered would prohibit exports under contracts that include the price ceiling condition, regardless of which country is the recipient.
The third option would set maximum discounts of Russia’s Urals crude to international benchmarks for sales to be allowed,the daily reported. Deputy Prime Minister Alexander Novak said on Tuesday that Russia’s response mechanism to the oil price cap would take effect in December.Bloomberg reported that Russia was also considering setting a price floor for its international oil sales.
So SouthAfrica oil price could tumble... I'm OK with that🤞🏼😉
Ramaphosa must go so we can get BRICS discounts 😊