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Upcoming sanctions on Russian oil are set to be "really disruptive" for energy markets if European nations fail to set a cap on prices, analysts warned.
The 27 countries of the European Union agreed in June to ban the purchase of Russian crude oil from Dec. 5. In practical terms, the EU — together with the United States, Japan, Canada and the U.K. — want to drastically cut Russia's oil revenues in a bid to drain the Kremlin's war chest following its invasion of Ukraine.
However, concerns that a complete ban would send crude prices soaring led the G-7 to consider setting a cap on the amount it will pay for Russian oil.
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A price limit would see G-7 nations buy Russian oil at a lower price, in an effort to reduce Russia's oil income without raising crude prices across the globe.
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... Officials at the Kremlin have repeatedly said a price cap is anti-competitive and they will not sell their oil to countries that have implemented the cap.
They're hoping that other major buyers — such as India and China — won't agree to the limit and so will continue to purchase Russian oil.
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Sanctions on Russian oil are supposed to take effect on December 5 (Monday). I just posted an article (post #6) talking about the issue.The EU is still buying Russian oil in spite of the sanctions. How? ...
I heard this is the 9th version of sanctions... this time it should work....Sanctions on Russian oil are supposed to take effect on December 5 (Monday). I just posted an article (post #6) talking about the issue.
If Russian oil sanctions don't go into effect until this coming Monday, why when I do a quick search as to when Russian oil sanctions started, I get the following.Sanctions on Russian oil are supposed to take effect on December 5 (Monday). I just posted an article (post #6) talking about the issue.
From March 8th of this year.EU sanctions, not USA sanctions
This thread is about Russian oil still making it here to the US, is it not?@Joe King - you are posting about the USA sanctions. The EU sanctions were declared a while back, but set to take effect on Monday. Are you even reading what's been posted? See paragraph 2 of post 6.
I was at the time. I had no idea that Eu hadn't done the same as the US had.My mistake. You quoted my post, so I thought you were responding to what I had posted.
Perhaps not. When the sanctions in the EU take effect on Dec 5th, none of that "refined in Italy" oil will be coming to the U.S.A. any longer. In fact, they say the Lukoil refinery in Italy may have to shut down since over 90% of the oil it has been refining comes from Russia and that will no longer be happening beginning the 5th of December.So the sanction on oil was a buncha bs. All they did was a slight of hand move by refining the oil someplace else. Kinda like how we dealt with the ban on gain of function research. Ie: just do it somewhere else and call it good.
In my opinion, they're not all idiots. But those folks face the wrath of the idiots. But then again, some would say I am a Russian bot or a Putin fanboy or some other nonsense.Why are all the people running this world congenital idiots?
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Energy market participants remain wary about the European Union's sanctions on the purchases of the Kremlin's seaborne crude exports on Dec. 5, while the prospect of a G-7 price cap on Russian oil is another source of uncertainty.
The 27-nation EU bloc agreed in June to ban the purchase of Russian seaborne crude from Dec. 5 as part of a concerted effort to curtail the Kremlin's war chest following Moscow's invasion of Ukraine.
Concern that an outright ban on Russian crude imports could send oil prices soaring, however, prompted the G-7 to consider a price cap on the amount it will pay for Russian oil.
No formal agreement has yet been reached, although Reuters reported Thursday that EU governments had tentatively agreed to a $60 barrel price cap on Russian seaborne oil.
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The first consignment of the Gold for Oil Policy by the government to stem the increasing depreciation of the cedi against the major currencies has arrived at the Tema Port and discharged into the receptacles of Bulk Oil Storage and Transportation Company (BOST), Graphic Online has gathered.
The 41,000 metric tonnes of the petroleum products delivered by SCF YENISEI would be sold by BOST to bulk distributing companies (BDCs) around Ghana, a source has told Graphic Online.
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The European Union has pledged to stop buying Russian oil via maritime routes from Dec. 5 as part of wider sanctions over Ukraine.
The Soviet-built Druzhba pipeline remains exempt from sanctions, but Germany's refineries in Leuna and Schwedt, connected to the pipeline, have not ordered any Russian crude for this year.
Transneft said in December that Kazakhstan's KazTransOil had requested 1.2 million tonnes of capacity on the Druzhba pipeline for 2023 to facilitate extra oil shipments to Germany.
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