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Russia has said it will cut off any country participating in the price cap
Originally published on AntiWar
The EU has tentatively agreed on setting the price cap on Russian oil at $60 per barrel, Reuters reported on Thursday.
The plan would also include an adjustment mechanism to keep the price cap 5% below the market value. The EU is setting the price cap at the request of the G7, which asked for the price to be slightly higher, somewhere between $65 and $70 per barrel.
The EU governments still need to formally sign off on the price cap plan, which is expected to happen on Friday. The bloc struggled to set a price as Poland was seeking a drastically lower number, around $20 to $30 per barrel.
No matter what the price is, Russia has said it will retaliate and cut off any country trying to impose price caps on its energy. If Moscow retaliates by slashing oil production, it will send global prices skyrocketing.
December 5 is the day that an EU oil embargo on Russia comes into effect, although there are exemptions for Hungary and other land-locked countries. The EU sanctions will also prohibit insurance and other services for shipments of Russian oil.
The idea of the price cap, a plan devised by US Treasury Secretary Janet Yellen, is to allow insurance for shipments of Russian oil as long as it’s sold at the set price. But shipping insurers don’t think the plan is enforceable as it would be hard to know what price the oil is actually being purchased at.
Besides the obvious issues with the plan, the US still believes it will work. “We think that the price ranges that have been discussed accomplish those two goals and will put us in a position where Russia’s revenues come down while we’re ensuring that people get access to reliable cheap energy going forward,” Deputy Treasury Secretary Wally Adeyemo said on Thursday.
This has to be the MOST IDIOTIC and ridiculous attempt at nothing…total stupidity!! Keep it going it just shows that the Collective West has gone insane !! EU is committing suicide and the USA is sitting pretty watching them !!
Are European leaders serving the best interests of the citizens, or do they serve a higher power? Suicide is a deliberate act.
All political governments are rogue actors.
They serve the highest bidder. Or serve for free those who got their balls. It seems the latter is the case in EU and US.
So, quit selling it to any country refusing to pay the international price. In fact, sell to countries that make the EU buy it from them, lol!
I cannot believe the level of stupidity of those behind such decesions. What’s the point of having a cap on something you will no longer have as Russia and OPEC were crystal clear on this matter. Price cap = No oil for you. It’s that simple.
It’s time for european citizens to rise up and get rid of the US paid politicians in Europe. It’s not complicated. They agree with the US, demand their resignations. The people suffer because of those crooks and their moronic decisions. It’s like when they say : It’s Russia’s fault if Europe is on the brink of many revolutions. NOOO, it’s because you decided to sanction Russia and paying the price for it.
Yea, well, let’s see if Russia follows through. So far they have let the west cross every “red line” and Russia has done NOTHING about it.
It’s more like a war on Europe than anything else. Europe is the main region to suffer by this plan.
Europe is was the mark from get-go, not russia
Britain blows up Germanys Nord Stream pipelines in order to keep Germany down. Where in the 20th century have we seen Britain trying to keep Germany down? This is the old Anglo American policy, but this time the Germans accept it like the good gimps they are!
Have we won yet? Is Crimea still ukraine? when is that long awaited uki offensive coming? never?
Never. They’re exhausted.
another moron self defeat for angloshere and EU
Have we won yet? Is Crimea still ukraine? is ukraine still a third world country?
ukraine Stone Age, USA medieval…..Simmel found not since medieval era were victims permitted to influence punishment…only 2 medieval nations permit this practice—USA, Australia…expected!
ROFL what a STUPID IDEA it cannot work as Russia has stated THEY WILL NOT SELL TO THOSE THAT TRY AND USE THIS ABSURD SCHEME, and Europe and the USA are already suffering from energy prices both in electricity and gas and this will make it worse overnight Fuel will jump large amount as soon as it comes into effect and electricity will jump again and in meantime Russia goes on it’s merry way and STOPS ALL GAS AND ENERRGY to those countries while still selling Fuel and energy to Asia , africa. south america, middle east, so all those countries will enjoy cheap and plentiful oil and energy and the WEST WILL GO UNDER as their economies IMPLODE even more and plunge into recession and depression. So it ok by Russia if that what you want as the WEST is the only ones who suffer LOL =Z=
The going rate is 85.57 a barrel. If you don’t pay in rubles, go elsewhere.
If Russia and OPEC+ lets this slide, then it’ll set a dangerous precedent. Russia MUST halt oil to all those who subscribe to the ROPC.
Get ready for WW3, could breakout anytime.
Russia honours all contracts and obligations like man ought diligently, where as the wefs/west problem spoilt bratty kiddie like yet impotent sodomite honours liars like the lieng p00f it is!
Strangest war ever.
This is not war. This is a dog and pony show run by all sides who are also all zionists. Including Russia.
Russia lost the war and all it’s western oil buyers. Keep selling your oil to China for $30 the barrel, Putin 🤣
USA #1 monkey pox jealous
Poland, Latvia and Estonia they says 60 $ so high and they asks why we don’t do it 41$
Is it stupidity, insanity or both when the idiot Hair Stylist In Chief of the evil EUSSR aka Natostan, the genocidal, corrupt PfiZer owned drug-pusher and hubris bloated midget nail specialist, Uschi Van der Lyin’ …where the moron believ€$ that drug-addled, besotted bar-flies in a dive get to “set” the price of Jim Bim and Jack Daniels pee and not the barman?
The most wonderful aspect about the cleansing of angloZionaZi filth in rump Ukrapland is that it heralds the end of the disgusting EUSSR and the Slumville Pentacon stranglehold over Urupp. After this is over Euro Peons will have the chance to recover their own lost freedom and sovereignty over their once independent lands…not to mention the inevitable balkaniZation of the demonic USSA into bite siZed bits incapable of ever again waging war against humanity. Z
Brent crude oil is selling for 85.57$ a barrel now. Russia should insist on current market price paid in rubles or they can f**k off.
The EU , sacrifice again for the need to buy high price USA oil…
Thusly, the de industrialization of Europe continues!