Posted on 10/04/2022 10:35:09 PM PDT by Cathi
4 Oct, 2022 21:34
EU agrees to impose price cap for Russian oil – Politico
The bloc promised “concessions” to overcome opposition from Malta, Greece and Cyprus
The EU has reached a tentative deal to impose a price cap on the sale of Russian oil to third countries, Politico Europe reported on Tuesday citing diplomatic sources. Cyprus, Greece and Malta had concerns about the potential impact on their shipping industry, but were reportedly promised concessions.
The price cap is part of the eighth round of anti-Russian sanctions, which Brussels is expected to roll out this week, citing the ongoing conflict in Ukraine.
EU ambassadors reached an agreement on Tuesday and expect to approve the final text on Wednesday, Politico reported citing seven diplomats – all of whom wished to remain anonymous. Details of the sanctions still need to be confirmed in writing, and there was a “limited” chance the deal could still unravel, one source reportedly said.
The three Mediterranean members were reportedly concerned about the impact of the measure on their commercial shipping, but Brussels offered “concessions” in the form of a “monitoring system” that would propose measures to mitigate the impact of the embargo, in case of "significant loss of business" due to practices such as reflagging of commercial vessels.
The EU has already banned the import of coal from Russia, with an oil embargo scheduled to go into effect in December. The price cap seeks to block Moscow’s petroleum exports to third countries using EU-registered vessels, as the bloc has already sanctioned all Russian shipping.
Meanwhile, Hungary said it had secured assurances the price cap won’t apply to oil delivered through pipelines.
Anti-Russian measures adopted by the US and its allies have led to a spike in oil price, leaving Russia with more revenue from exports than before the embargo. The price cap proposed by the G7 seeks to neutralize this. According to the proposal, EU vessels will refuse to carry Russian oil if it is priced above the cap, the value of which has yet to be determined.
The sanctions have also resulted in the EU facing severe energy shortages. However, the bloc’s leaders have vowed to support Ukraine indefinitely and no matter what.
Moscow has made it clear it will not comply with the price cap scheme, with Deputy Prime Minister Alexander Novak warning that Russia will simply refuse to sell fuel to countries that seek to enforce or abide by it.
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⚡️⚡️⚡️CNN reports that the White House has announced plans by Russia and Saudi Arabia to cut oil production by 1 million barrels. per day “complete catastrophe” and “hostile act”.
Like committing economic suicide by slitting your wrist with one knife was not enough, let’s use two knives and slit the other wrist...
Wouldn’t be a problem if we were not dependent on them....which we would not be had Biden not done all he could to throttle oil and gas production in the US and imports from Canada.
Also, the Saudis probably wouldn’t be looking to make a move like this if the Biden administration had not gone out of its way to piss them off.
His chickens are coming home to roost.
Unfortunately, those chickens are crapping all over us.
Like most people I just want the war to end.
Let Russia keep Crimea with provisions for guaranteed safe transport of necessary resources, let the rest of Ukraine stay Ukraine except for the areas labeled separatist before the war, and figure out how to address those areas later.
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