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#ABumblingWest
* The idea was to use the Western stranglehold on tankers and Insurance, to compel them to ensure that Russian Oil is exported only at the capped price of $60.
* This cap which has just come into force was in discussion from May.
indianexpress.com/article/explai…
* The idea was to use the Western stranglehold on tankers and Insurance, to compel them to ensure that Russian Oil is exported only at the capped price of $60.
* This cap which has just come into force was in discussion from May.
indianexpress.com/article/explai…
* But over this period Russia's Urals Crude price is hovering around $68, close to the cap. Result there will be little impact.
*Russia’s cost of production of its main crude variants such as the Urals is $20-$44 a barrel. So, a $60 cap is no real hardship.
*Russia’s cost of production of its main crude variants such as the Urals is $20-$44 a barrel. So, a $60 cap is no real hardship.
* “it is also possible for the shipping industry to misrepresent or obscure the origin of its cargo” and there are historical precedents to that, to get around the cap.
* Also exemptions for Sakhalin 2 [Japan funded] & blends, could lead to leakage in the cap.
* Also exemptions for Sakhalin 2 [Japan funded] & blends, could lead to leakage in the cap.
