this post was submitted on 13 Jan 2025
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Six EU countries call for lowering of G7 price cap on Russian oil (www.reuters.com)
submitted 6 days ago by Cephalotrocity@biglemmowski.win to c/ukraine@sopuli.xyz
4 comments fedilink hide all child comments
 

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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[–] mormund@feddit.org 6 points 6 days ago (1 children)

Are there any figures how much Russia still sells on the open market vs. via the shadow fleet? The cap doesn't mean anything if they just avoid it

[–] 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.

[–] Valmond@lemmy.world 3 points 6 days ago

Go go go!