EU diplomats failed on Monday to agree on a set price cap for Russian oil as a December 5 deadline for the policy is approaching, Reuters reported.
The main hindrance to reaching a deal was Poland, which is demanding a much lower price cap than what the G7 has requested. The EU was asked to put the price cap between $65 to $70 per barrel, but Poland wants it slashed down to $30, a similar figure to what Ukrainian President Volodymyr Zelensky would like to see.
“The Poles are completely uncompromising on the price, without suggesting an acceptable alternative,” an EU diplomat told Reuters. “Clearly there is growing annoyance with the Polish position.”
The idea of the price cap, which has been pushed by US Treasury Secretary Janet Yellen, is to keep Russian oil on the market to limit an increase in global prices while keeping Moscow’s profits down. December 5 is when the EU’s oil embargo on Russia begins, although there are exemptions for land-locked countries, including Hungary.
The EU ban also includes a prohibition on providing insurance for Russian oil shipments. The price cap would allow such services to be provided as long as the oil is being sold at a price set by the West.
But the plan’s major flaw is that it requires Moscow’s cooperation, and Russia has repeatedly stated that it will cut off any country that tries to implement the price cap. If Moscow retaliates by cutting oil production, it will send global prices skyrocketing and have the reverse effect of what Yellen says the plan can achieve.
Polish diplomats told Reuters that if a price isn’t agreed upon by December 5, the EU sanctions on Russian oil will take effect without the price cap exemption.
29 thoughts on “EU Fails to Reach Agreement on Russia Oil Price Cap”
Anyway, so the Russian oil is going to be sold to Saudi Arabia where it is Ruswashed and sold at much higher price back to us. At least Saudi Arabia is a peace-loving liberal democratic where any aspiring autocrats would be deposed within weeks. The crude we still take because our pipelines are known to deRussify any given liquid. Not gas mind you. Dieselowners are going to need a set of sturdy ropes and a donkey or a pair of oxes. Road transportation will henceforth be carried out by stagecoach. People who don’t possess their own garden will have to wean themselves off of the habit of eating. But if we get to cheer on a senseless war for much longer still, what small price to pay. There is to be no cap on that.
Yes as Anthony Blinken told us after bombing Nordstream 2, “this presents us with a wonderful opportunity.”
That Blinken fellow, he doesn’t have a donkey farm perchance?
Question, does Poland really want the price cap or are they being this unreasonable in order to torpedoe the entire idea? Russia will never export oil for $30. They cannot possibly be stupid enough to believe that is a viable option.
The polish have been, are, and will continue pursuing a vendetta with Russia.
To quote an impeccable source:
“To the last, I grapple with thee. From hell’s heart, I stab at thee. For hate’s sake, I spit my last breath at thee.”
Pretty much sums up my assessment of the Polish psyche re Russia.
The EU is a US vassal , and will do as their masters in Washington tell them to do , it hasn`t sunk into their thick skulls yet the US is the problem not the solution.
That lesson will only sink in when the Russians are no longer the biggest threat.
They’re not. They are to Ukraine. Which is not Europe, let alone EU. Europe has lots of problems. Demography, immigration, muslim radicalization, segregation, leftist and rightist rising populism, declining middle class, environmental problems, global warming and now on top of that entirely self inflicted and entirely avoidable probems: energy problems with serious political and economical consequences inflation, which means deterioration of income equality which in social capitalist societies translates pretty straightforwardly to political instability and political radicalization, could easily culminate in political unrest and ultimatelu political violence. These are the dangers ahead if not succesfully mediated. At the moment they are succesfully channeled with artifical rage at Russia. But that won’t last.
You might have a case if that was remotely how things are seen in Europe.
Europe stretches to the Urals so Ukraine most certainly is in Europe.
Mostly we agree that these are problems that we face in Europe – the inflation problem is a world wide problem so not really self inflicted by Europe – and as for income distribution, it is more even in Europe than most other places.
Which is probably why Europe is one of the most stabile regions politically!?
I can assure you that there is nothing artificial about the fear of the Russians – it is a grassroots ‘movement’ by people who used to be under Russian ‘occupation’ as they saw it!
Of you being wrong?
You might perhaps be under the impression that you speak for Europe, but you’re really not. You might be able to convince me of the “grassroots” Russophobia being the case for uttermost Eastern Europe, not so for Western Europe.
There it really is very much artificial. Most people now in the pro-war camp suddenly discovered somewhere in April to May 2022 that they always have hated Putin with a passion. Before April, maybe until the last of March, he was seen mostly as a smart politician with an apparent fragile ego, a bit of an eccentric proclivity to show his naked torso (with or without horses, like maybe a Russian Ted Nugent) and who might have or might not have something to do with some shady things that were regarded as typical to Russia. Bothered no one really that much. Live and let live kind of attitude.
Does Denmark and Sweden count as Western Europe – if so then I can tell you that this was very much indeed a grassroots fear – it also seems like it was that in Germany where left of center leader was booed at their own rally for suggesting that this was the fault of the west.
I’m not aware of any pro war camp but I am aware of a very substantial number of people in the west harboring a fairly deep resentment of Putin – for his murdering agents in UK, for him invading Georgia, for his annexation of Crimea – and for his financing of the AFD, Front National/National Rally, and other such groups.
You must live in a rather sheltered part of Europe or only know people from such a part of Europe – because that is certainly not the image we had of him – as in there was no doubt about the links and no doubt about the murders.
In just which countries do you think this was the attitude?
Why is that old hag Yellen getting involved in foreign policy?
“But the plan’s major flaw is that it requires Moscow’s cooperation, and Russia has repeatedly stated that it will cut off any country that tries to implement the price cap. If Moscow retaliates by cutting oil production, it will send global prices skyrocketing and have the reverse effect of what Yellen says the plan can achieve.”
We can do the whataboutism here. Would the US, under similar circumstances, cooperate?
What does the US export that requires purchasing shipping and insurance from Russia?
If you’re waiting for a response to your specific question, don’t hold your breath. You’re just too f*king annoying to have a conversation with.
That is fine I do not expect you to be capable of delivering a competent answer.
“That is fine”
Glad you’re ok with it.
“I do not expect to be capable of delivering a competent answer”
You get my drift?
Yes I accept your surrender 🙂
Oh don’t be a jerk. You annoy people not because you have an annoying view, but because you’re incapable of acknowledging that there is another side of the fence.
As to competence in a discussion forum such as this, take a look in the mirror. Think about the name of the site….
Am I though? I have several times acknowledged that there are good/valid points made by the people arguing against me – so perhaps look through the comments and see that this is more true of the people arguing with me.
Yes please do -because I’m one of the few people here actually against this war – most of the people I argue with are just against the west helping Ukraine, ignoring that rewarding wars of territorial conquest will cause far more such wars – often their argument is just down to the US did it so it is OK if Russia does it, while ignoring that the US has not annexed territory since about WWII, and presupposing that I supported any of the US wars.
So yes look in the mirror before you accuse me of being anything other than against war!
That said – yes it was a jerk answer but as I saw it to a jerk i.e. one of those people who have argued based on false assumptions about my position and is only against this war because the Ukrainians are getting outside help – as I saw it!
Of you being annoying rather than willing to provide actual arguments for what you say?
“let us tell you what you can charge us for your product”
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