“Is Russia going to eat their oil?”
They won’t have to.
The G7 and EU will buy it at market rate...or higher through intermediaries.
All a bunch of bluster -on all sides. Russia will sell it wherever they can preferably at a higher price than the cost of production and shipping. As they should.
Legal, illegal, black market, Turkish market, wherever. It doesn’t matter. It just determines which middlemen profit.
The $60 mumbo jumbo is just EU’s plan to take the black market’s spread for themselves. An insult to Russia and free market economics. EU’s plan deserves ridicule for its insult to market economics.
Governments come and go but the Invisible Hand always wins.
I remember back in the early 1970’s, the US refused to buy chrome from either South Africa or Rhodesia. So that country sold it to the USSR and the USSR sold it to us.
There is a world market for oil if Europe refuses to buy oil from Russia, it will sell it to India, China etc.