STO - Brave new world, page-614

There is uncertainty as to how effective the G7/EU/UK/ Australia policy, adopted 4 days ago, to cap Russian seaborne oil exports at US $60 a barrel will be. If effective, it will probably result in lower oil prices.
Russia's response has been to ban oil exports to countries who try to impose the $60 cap; &/or cut its own oil production. If either are implemented, oil prices are likely to rise.

(This Cap Policy should not be confused with the EU & UK policy which, from 5.12.22, has banned totally all Russian seaborne oil imports to the EU & UK- but not oil sent by pipelines from Russia, to EU countries).

Turkey is already preventing oil tankers through the Bosphorous, checking that no Russian oil is being sold for more than US$60; & that the tankers have full insurance (The Cap bans insurance- nearly always provided by US, EU, & UK companies- for tankers not complying with the Cap. A powerful weapon against Russia!).

"The United States and its allies have delivered a double blow to Russia aimed at starving its oil revenues.

First, the European Union is banning all seaborne importsofRussian oil, a move that takes effect Monday.

Also, the U.S., other members of the Group of Seven leading economies, the EU and Australia are imposing a $60 price cap on the oil Russia continues to sell to other parts of the world.

The two moves are intended to limit Russia's ability to fund its war in Ukraine but are designed to prevent disruptions in oil supplies that could cause higher prices...
Meanwhile, Russian President Vladimir Putin has long warned that Russia will not sell oil to any country taking part in the price cap. Deputy Prime Minister AlexanderNovak repeated thaton Sunday, adding that the Kremlin is prepared to cut oil production if necessary".

https://www.npr.org/2022/12/02/1139477837/russia-oil-revenue-sanctions-price-cap-g7-eu-import-ban

There is uncertainty as to how effective the G7/EU/UK/ Australia policy, adopted 4 days ago, to cap Russian seaborne oil exports at US $60 a barrel will be. If effective, it will probably result in lower oil prices.
Russia's response has been to ban oil exports to countries who try to impose the $60 cap; &/or cut its own oil production. If either are implemented, oil prices are likely to rise.

(This Cap Policy should not be confused with the EU & UK policy which, from 5.12.22, has banned totally all Russian seaborne oil imports to the EU & UK- but not oil sent by pipelines from Russia, to EU countries).

Turkey is already preventing oil tankers through the Bosphorous, checking that no Russian oil is being sold for more than US$60; & that the tankers have full insurance (The Cap bans insurance- nearly always provided by US, EU, & UK companies- for tankers not complying with the Cap. A powerful weapon against Russia!).

"The United States and its allies have delivered a double blow to Russia aimed at starving its oil revenues.

First, the European Union is banning all seaborne importsofRussian oil, a move that takes effect Monday.

Also, the U.S., other members of the Group of Seven leading economies, the EU and Australia are imposing a $60 price cap on the oil Russia continues to sell to other parts of the world.

The two moves are intended to limit Russia's ability to fund its war in Ukraine but are designed to prevent disruptions in oil supplies that could cause higher prices...
Meanwhile, Russian President Vladimir Putin has long warned that Russia will not sell oil to any country taking part in the price cap. Deputy Prime Minister AlexanderNovak repeated thaton Sunday, adding that the Kremlin is prepared to cut oil production if necessary".

https://www.npr.org/2022/12/02/1139477837/russia-oil-revenue-sanctions-price-cap-g7-eu-import-ban