EU agrees to Russian oil price cap

[joluoto]

EU agrees Russian oil price cap in new sanctions package​

I am glad there is finally agreements on this. Some countries got exemptions from parts if the package, at least Hungary, Malta, Cyprus and Greece. This might well force the Russian to sell even cheaper to countries they already sell to way below market price. India being a prime example. And as Russia is forced to sell cheaper, they get less and less money, which they already have issues with.

 

[RabidAlpaca]

Good. If those bloodthirsty, cabbage eating assholes want to sell their oil they can do it for pennies on the dollar. Don't like sanctions? Don't invade and try to absorb your neighbor.

 

[joluoto]

EU aims at Kremlin's revenues with cap on Russian oil price​

This article details exactly how the sanctions will work, remember the earlier sanctions that will stop any Russian sale of oil by tanker to any EU member by december still applies. Pipeline oil (the Druzhba pipeline that supplies Hungary, Czechia and Slovakia) is not affected. Tanker oil sold to third party countries can only be transported registered in EU member states if it trades at the capped price (concession to Greece, Cyprus and Malta who has a shipping industry that does transport Russian oil to third countries). Oil coming through the EU to third countries in the Balkans (such as Serbia who get oil through Croatian ports) must be traded at the capped price.

 

[Lord Tammerlain]

Not likely to work very well, beyond increasing the price the EU pays for oil

 

[Juin]

Not likely to work very well, beyond increasing the price the EU pays for oil

Didn't oil prices just shoot up with OPEC+ production cuts?

 

[Lord Tammerlain]

Didn't oil prices just shoot up with OPEC+ production cuts?

Yes they did

The EU is grasping at straws. The price cap would only work in a buyers market, not a sellers market

Russia will sell to India, atba discount, who will sell to the EU at a premium, costing the EU more overall

 

[Juin]

Yes they did

The EU is grasping at straws. The price cap would only work in a buyers market, not a sellers market

Russia will sell to India, atba discount, who will sell to the EU at a premium, costing the EU more overall

That's my impression as well. It's all surreal. And am I mistaken if I presume that the price cap advocates assumed OPEC would hold production steady or even increase it? It will seem like for price caps to work many other factors, aside from Russia, also has to be controlled.

Olaf the German had cautioned at the beginning that sanctions should maximize damage on Russia while minimizing damage on EU. Minimizing damage has since been tossed out the window.

 

[Chagos]

That's my impression as well. It's all surreal. And am I mistaken if I presume that the price cap advocates assumed OPEC would hold production steady or even increase it? It will seem like for price caps to work many other factors, aside from Russia, also has to be controlled.

Olaf the German had cautioned at the beginning that sanctions should maximize damage on Russia while minimizing damage on EU. Minimizing damage has since been tossed out the window.

If you would pay attention to what you spout forth over in Kremlin apologia, you'd have read the thread title correctly as being about a cap on RUSSIAN oil, nothing to do with OPEC overall as such.

And if you were really informed on current matters in general, you'd also know that damage on Russian economy and war machine is by now quite substantial.

Of course the Kremlin won't admit this to you and if it even did, you'd be charged with keeping very stumm about that.

Then again, chances are that you know all this and just pretend not to, so as to better pursue your agenda.