JRL NEWSWATCH: “EU Asks Members to Set Russia Oil-Price Cap at $60” – WSJ

Oil Well file photo

“Move is an attempt to squeeze the Kremlin’s oil revenues while keeping global supplies steady.”

“The European Commission, the [EU]’s executive body, [reportedly] has asked the [EU]’s 27 member states to approve a … Russian oil [price cap] of $60 a barrel …. significantly below the international benchmark … Brent …. … [T]he [G7] … nations [would] need to sign … off [on the cap]. The [G7] and Australia aim to have it in place by Dec. 5. … The U.S. Treasury Department … [leading] efforts to craft the price cap[] has said the West might lower it over time … [even] on a quarterly or semiannual basis. Many Russian oil sales [could] likely …[avoid] the new price cap, if Russia and … buyers in Asia and elsewhere use ships, insurance and financing outside [G7] jurisdiction …. [T]he cap [reportedly] could push Russian oil into … the so-called shadow fleet of tankers that keep Iranian oil flowing in violation of U.S. sanctions. …”

Click here for: “EU Asks Members to Set Russia Oil-Price Cap at $60; Move is an attempt to squeeze the Kremlin’s oil revenues while keeping global supplies steady” – Wall Street Journal/ Laurence Norman