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Policy

Cap the Trade: The Bid to Cut Russian Oil Revenues

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An EU ban prohibiting shipping and financial services for Russian oil exports will begin taking effect Dec. 5. Western officials wary that the ban will trigger steep supply cuts and spike oil prices are pushing for a loophole that would allow Russian crude and products to reach the market — if they are heavily discounted, hitting Moscow’s bottom line. On its face, the proposed price cap is simple: give an exception to the EU shipping and financial services ban for cargoes that come in under the price cap. But how market players, major buyers like India and China, and Russia itself react to the price cap will ultimately determine if Western officials can finely calibrate the volume and price of Russian barrels on the market.

Topics:
Policy and Regulation, Sanctions, Oil Supply, Oil Prices, Oil Trade, Ukraine Crisis
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