BRUSSELS, Jan 13 (Reuters) - Six European Union countries called on the European Commission to lower the $60 per barrel price cap put on Russian oil by G7 countries, arguing it would reduce Moscow's revenues to continue the war in Ukraine while not causing a market shock.

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[–] Badeendje@lemmy.world 8 points 6 days ago (1 children)

Not true, it puts price pressure on what is sold, lowering profits. The fact some gets through is less relevant than the overall price that is lowered moscovia gets.

[–] golli@lemm.ee 1 points 6 days ago

The fact some gets through is less relevant than the overall price that is lowered moscovia gets.

My understanding is that it isn't just a bug that some gets through, but a feature. We do want/need at least some of the oil on the world market, we just don't want Russia to profit from it. That's the whole idea behind having a price cap rather than sanctions that directly target and prevent anyone buying their oil.