Posted on 09/02/2022 9:43:29 AM PDT by Oldeconomybuyer
G7 finance ministers have agreed to impose a price cap on Russian oil exports in an effort to limit funding for President Putin's war in Ukraine.
The decision was made at a virtual meeting of the group, made up of seven of the world's richest countries - the UK, US, Canada, Italy, France, Germany and Japan - on Friday afternoon.
Confirming the news, Chancellor Nadhim Zahawi said: "We will curtail Putin's capacity to fund his war from oil exports by banning services, such as insurance and the provision of finance, to vessels carrying Russian oil above an agreed price cap."
The price cap has not yet been decided.
A statement from the G7 finance ministers said it would be set by the full coalition before it is implemented in each country.
Despite selling less oil since the invasion of Ukraine in February, Russia made £600m more from oil sales in June than it did in the previous month because of rocketing prices pushed up by the war.
(Excerpt) Read more at news.sky.com ...
Stupid authoritarian socialists don’t realize that Russia doesn’t have to go along with their rules.
They may as well dictate speed limits in Moscow.
What’s the point of a price cap when you aren’t even buying their oil?
All this will do is end Lloyd’s of London’s near monopoly on insuring international shipping.
Price cap? OK, don’t sell them any oil. Now what?
Now Russia will sell their oil at market price to Saudi Arabia, India, China, etc. Those countries will then use the Russian oil and export all their own to the G7 - for a nice tidy risk free profit. Net effect on Russia? Zero.
G7 will impose “price cap” on oil prices?
When has the G7 ever had the power to do that?
The G7 taking crack again?
The West is becoming a bigger joke by the minute.
Now, that’s enough out of you!
Stop making sense! Someone might actually read that!
How dare you!
(sarcasm tag not needed)
They are only acting out their inner 3 y.o. with their petulant demands of “I want” and “baby NEEDS!”. Too bad corporal punishment couldn’t be applied to these folks. They really do need a good spanking.
These people are so far divorced from reality they should be paying alimony.
Stupid is an understatement. It’s in negative territory. Imbeciles & morons.
So foreign policy now becomes a race between middle and working-class Europeans freezing to death and the Russians going broke. In any sane world that would be correctly identified as an utter failure of leadership.
> Putin will transship via China, India, Turkey, and Iran. <
Yep. And then China, India, Turkey, and Iran will sell to Europe at an inflated price. Everybody wins. Except of course the average guy. His energy costs will soar. But nobody cares about him.
Chancellor Nadhim Zahawi...which G7 puppet does this guy work for?
Russia just declared Nordstream 1 to be shut down indefinitely, due to a failure... No more gas for Europe (until Europe comes to is senses).
How can you put a price cap on something you don’t own, besides I thought the G7 was boycotting Russian oil
Indian oil brokers are going to love this.
They were making $27 million dollar/day based on the price discount they were buying Russian oil from the Brent Crude price.
This will just increase the volume they are going to buy at a discount.
It will be like printing money for the Indians.
All the oil producing countries will just buy Russian oil for their own domestic use at a discount. Just like Saudi Arabia has been doing. Then they will sell their own oil at the going market rate.
We had this same type of trade happen years ago in lumber when there was a quota on Canadian lumber coming into the USA. People in Canada bought the lumber at a discount with no quota. They would repackage it and send it across the border as somebody elses product. We called them quota cheaters. They made a lot of money for a couple years.
and when Putin says no gas then???
Indian oil brokers are going to love this.
They were making $27 million dollar/day based on the price discount they were buying Russian oil from the Brent Crude price.
This will just increase the volume they are going to buy at a discount.
It will be like printing money for the Indians.
All the oil producing countries will just buy Russian oil for their own domestic use at a discount. Just like Saudi Arabia has been doing. Then they will sell their own oil at the going market rate.
We had this same type of trade happen years ago in lumber when there was a quota on Canadian lumber coming into the USA. People in Canada bought the lumber at a discount with no quota. They would repackage it and send it across the border as somebody elses product. We called them quota cheaters. They made a lot of money for a couple years.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.