Russia will not export oil subject to Western price cap, deputy prime minister says

Reuters ^ | December 4, 2022 | Guy Faulconbridge and Olesya Astakhova

[Navy Patriot]

The move by the West to prohibit shipping, insurance and re-insurance companies from handling cargoes of Russian crude above the cap, is an attempt to punish Putin for the Ukraine conflict.

Russian Deputy Prime Minister Alexander Novak said on Sunday the move by the West was a gross interference which contradicted the rules of free trade and would destabilise global energy markets by triggering a shortage of supply.

...

Russia can access enough tankers to ship most of its oil beyond the reach of a new G7 price cap, industry players and a U.S. official told Reuters in October, underscoring the limits of the most ambitious plan yet to curb Moscow's wartime revenue.

[Navy Patriot]

Eu, get ready to freeze in the dark while walking to the grocery store.

[WKUHilltopper]

Hey EU, got a stable, tack and a place to put your buggy? Idiots.

[Sacajaweau]

makes it not worth drilling....this is another climate change ploy.

[crz]

The worse it gets, the better it is.

BTW. The USA is now starting to get the blame.

Eventually, the USA will get ALL the blame.

[Travis McGee]

If you don't want to freeze in the dark while eating bugs, you are a Putin agent!

[Governor Dinwiddie]

Who are the communists here? Russia should sell their oil at free market prices. Who thought up this "price cap" crap? It certainly wasn't John D. Rockefeller.

[Navy Patriot]

You are correct, Economically, this will fail, and the US will get the blame for the damage to the world's commodity markets, and the costs incurred.

It just won't be printed in Western media, however the ordinary Westerners will find out anyway.

[WMarshal]

"Eu, get ready to freeze in the dark while walking to the EMPTY grocery store." Fixed it for you ;)

[Boogieman]

“he move by the West was a gross interference which contradicted the rules of free trade”

Gee, I think invading your neighbors to seize their resources also might contradict the rules of free trade.

[MeganC]

The price cap has no legal effect on Russia. But it does put a cap on what EU countries can pay for Russian oil.

Maybe that means an embargo. We’ll see.

[Navy Patriot]

Who are the communists here? Russia should sell their oil at free market prices.

Just between you and me, the US Government (Uniparty) Politicians in power and the Deep Swamp Bureaucracy are the Communists.

Who thought up this "price cap" crap? It certainly wasn't John D. Rockefeller.

Pretty sure it was Karl Marx.

[Navy Patriot]

... I think invading your neighbors to seize their resources also might contradict the rules of free trade.

I'm inclined to agree, ... the US Government shouldn't have done any of that, but the winners of wars write the history so I guess it's OK with American Democrats...

[Navy Patriot]

Yeah, I overlooked the fact that the delivery trucks need diesel fuel. Thanks.

[DesertRhino]

I’m notifying Ford that I’m putting a price cap of 20,000 on New F-150 King Ranch pickups.

I will let you know when it is delivered.

[DesertRhino]

Yeah, one day Putin randomly invaded Ukraine to grab resources... because you know, Russia doesn’t have any.

Any other bright theories?

[RedMonqey]

Maybe Nelson Rockefeller, under Nixon’s failed price controls.

Watch Biden think this is a “new” idea and adopt it.

The seventies are back but without the cool music and hot girls.

[SmokingJoe]

But it does put a cap on what EU countries can pay for Russian oil.

The EU are not going to get Russian oil.

[dhs12345]

They will blame the Russians but the EU are partially responsible for being blatantly stupid.

[SmokingJoe]

Gee, I think invading your neighbors to seize their resources

What resources?

[hardspunned]

Yeah, I think I’ll go into my local gas station and tell them I’m capping their gas price at $2.