BRUSSELS, Dec 5 - The Group of Seven price cap on Russian seaborne oil came into force on Monday as the West tries to limit Moscow's ability to finance its war in Ukraine, but Russia has said it will not abide by the measure even if it has to cut production., to be enforced by the G7, the European Union and Australia, comes on top of the EU's embargo on imports of Russian crude by sea and similar pledges by the United States, Canada, Japan and Britain.
Selling oil and gas to Europe has been one of the main sources of Russian foreign currency earnings since Soviet geologists found oil and gas in the swamps of Siberia in the decades after World War Two. A source who asked not to be identified due to the sensitivity of the situation told Reuters that a decree was being prepared to prohibit Russian companies and traders from interacting with countries and companies guided by the cap.
Still, with the price cap set at $60 per barrel, not much below the $67 level where it closed on Friday , the EU and G7 countries expect Russia will still have an incentive to continue selling oil at that price, while accepting smaller profits.
With 15k us dollars you can buy a kamikaze drone, what war funding are you takin about What Ukraine doing and how will Ukraine come out of its debt to usa?
If you dont like their price then go somewhere else. But wait oh no...there is no one else. Even ww2 was negotiated to end the war
EU screwing itself again. Now it will have to purchase it's oil through a 3rd party at 4x the price even though it will still be Russian oil. Same idiocy they did on gas.
Another stupid decision if anyone understand buyer & seller concept and buyer need the energy or they freeze to death and high energy cost for years to come as usual the ordinary Europeans will suffer
دخل سقف أسعار مجموعة_السبع على النفط_الروسي عند 60 دولارا للبرميل المنقول بحراً حيز التنفيذ في فيما يحاول الغرب الحد من قدرة موسكو على تمويل حربها في أوكرانيا ، لكن روسيا قالت إنها لن تلتزم بالإجراء حتى لو اضطرت إلى خفض الإنتاج.
Which is even better
Clown7