EU ambassadors agreed on Wednesday on a new round of sanctions on Russia that includes a price cap on Russian oil.
The officials agreed on a draft text for the sanctions that is expected to be released on Thursday, according to Politico. Some countries had concerns that the attempted price cap could impact their shipping industries, including Malta, Greece, and Cyprus, which received some exemptions, but details aren’t clear.
The idea of placing a price cap on Russian oil was pushed by US Treasury Secretary Janet Yellen and endorsed by the G7. Moscow has warned it would cut off any countries from Russian energy that try to impose caps, but that hasn’t stopped the Western powers from pushing ahead with the plan.
An EU ban on importing Russian oil and providing insurance for Russian oil shipments comes into effect in December. The idea of the price cap is to only provide insurance to shipments being sold at a set price, but this requires cooperation from Moscow, which has made clear it will retaliate.
If Russia responds by slashing oil production, it could send global oil prices skyrocketing, and many experts and analysts have warned that will probably happen. The price cap plan also requires the cooperation of China and India, who have been purchasing Russian oil at a discount already and have little reason to risk changing the arrangement.
Look at all that leverage the EU has to enforce price caps on Russian oil with winter coming on. LOL
Janet Yellin will have them Yelling & SCREAMING to Fccck off. Oh I’m sure Russia will provide the required cooperation that these plans need. Such an intelligent plan, what could POSSIBLY GO WRONG…????????
So they plan on to put a cap on Russian energy but buy at a premium from US? Amazing logic.
Colonial logic. Remember, we started a revolution when forced to buy tea only from Britain. Caribbean islands could sell sugar cane only to its colonial master.
There is no logiic. As Kissinger said, being US enemy is dangerous, but being friend is deadly.
Look at UK. It gave up EU to be our ally. But our agressive interest rate hikes is destroying their bond market, and the other day. Bank of England had to intervene and purchase bonds as trillions of pounds of pension funds were in jeopardy. Euro and yen are cratering too.
All economies that are tied to US financial markets are swooning.
Hopefully West is going to resolve its financial breakdowns, otherwise war may be around the corner. Both wars started as a result of European financial dead ends,
Under the guise of sanctions against Russia’s intervention in Ukraine, the West using its best colinial practices is trying to resurect controls of trade, particulary energy, By forcing producers to accept limits on price, by curbing shipping companies rights to freely trade by controllung insurance as well as access to ports — West has embarked in a far reaching embargo. Britain practiced an extensive control of trade with its colonies. All products from colonies could have inly bern sold to Brittain , snd shipped only on Brittish ships. Either resold domestically or to customers in Europe.
The point of calling the price of oil is to set it in such a way as to make it still economical for Rusdia to sell, but then other priducers would have to compete with this lower price ro avoid losing market share.
Europe is being hypocritical. It decided to allow buyers of Russian pipeline oil to continue bying it under thilose favorable lingvterm contracts. The notion being that landlocked countries have no other alternativves. Example Hungary, Check Republic and Slivakis.
But guess what — other countries added to this exemot group are POLAND and BULGARIA. Those are not landllocked. Poland should out money where its mouth is. And set an example — reject cheap Russian pipeline oil.
The answer came today from Vienna, OPEC+ has voted in a larger than anticipated cut in priduction, anticipating industrial recession in the West, It will be interesting to see a cap on oil price in the tightening market. There will be demands by producers on payments in advance and in preferred currencies to avoid sudden freezing of their bank assets in the West while money is transfered to the seller.
Biden tried everything to prevent this priduvtion cut -/ a sign thst oil producers closed ranks with Russia.
EU Agrees on Sanctions on EU
Ironically, the EU sanctions on itself are justified. The EU is a large part of the problem. But, since sanctions aren’t effective, the EU is just stupid enough to sanction itself into poverty and an economic depression.
And OPEC+ have agreed to cut production by two million barrels a day.
Will the collective West wake up and realize the developing world majority has it’s own plans for the US/NATO hegemony? Maybe they should actually listen to the Dark Lord Putin’s speeches rather than rewrite them to fit their narrative.
Stupid is as stupid does.
Self flagellation to what purpose ?
To curry favor with the Master ?
you literally could not make this shit up.
it’s like a drug user trying to decide how much he will pay the dealer for the drugs.
Winter in the EU just went from being very cold to being arctic cold.
Yellen has seen far better days – Why are so many of our powerful people so old? They sure haven’t gotten wiser with age.
Perhaps it just takes time to break down the values of the young and replace them with a lust for power and wealth.
And by the time they replace the older ones, they have been broken down.
Yep, power corrupts and absolute power corrupts absoluetely.
It’s a decaying empire. The system just gets more and more calcified as the oligarchs increase their hold on it. Any dissenting viewpoint or new talent gets marginalized or destroyed. So all the people who might be thinking of some better way of doing business are shut out. The turds float to the top.
Nothing like removing any remaining doubt about what drives the policies of the hegemon.
We need a new government in DC, one which is dedicated to the welfare of the American people
As for the Biden/Blinken/MIC axis: time for a major overhaul/removal.
Keep poking that bear. Play stupid games, win stupid prizes.
Europe values Arab oil over Jewish blood-so now Arabia will gouge the SHT out of them-poetic justice HA HA!
Gee, I wonder how the discovery that one of the stream pipelines remains operational will affect EU statements & actions?