Price cap

OFAC sanctions three more Russian oil price cap busters

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today imposed sanctions on three entities and identified as blocked property three vessels that used Price Cap Coalition service providers while carrying Russian crude oil above the Coalition-agreed price cap.

Treasury says the action underscores its commitment, alongside its international partners, to responsibly reducing oil revenues that the Russian government can use to bankroll its brutal invasion of Ukraine.

Today...

https://www.marinelog.com/news/ofac-sanctions-three-more-russian-oil-price-cap-busters/

Russian Fuel Oil Flows To Asia As EU Ban Takes Effect

Credit: jose-lebron-unsplash

Asia is preparing to see more Russian oil products flowing into the region following the EU ban that came into effect Feb. 5, while the supply squeeze in the West will create ample opportunities for Asian refiners to cater to those requirements and reap lofty margins.

However, shipping costs and logistics will pose challenges as long-haul product shipments in relatively small tankers all the way from Asia to destinations in regions such as Europe may not be viable...

https://mfame.guru/russian-fuel-oil-flows-to-asia-as-eu-ban-takes-effect/

Upstart Indian Shipper Shuttles Russian Crude Along New Trade Routes

Credits:Alvarez/Unsplash

Despite expectations that sanctions implemented last month would cause a drop in shipments, Russia has been able to keep its oil moving to global markets, as reported by The Wall Street Journal.

Adjusting to political upheaval

How Russian crude keeps flowing is explained in a modest office in a Mumbai neighbourhood. An Indian shipping firm based at that address didn’t operate a ship until 2022. Following the Russian military invasion of Ukraine, it seized control of two...

https://mfame.guru/upstart-indian-shipper-shuttles-russian-crude-along-new-trade-routes/

Price Cap for Maritime Transport of Crude Oil of Russian Origin Set and Implemented

Credits: Alvarez/Unsplash

The G7 (the United States, Canada, France, Germany, Italy, Japan, and Australia)[1] and the Council of the European Union (“EU”)[2] (collectively, the “Price Cap Coalition”)[2] announced the imposition of a $60 per barrel (“Price Cap”) cap on the price of seaborne crude oil that is produced in or exported from Russia, as reported by Global Dunn.

Price cap 

The Price Cap is implemented as an exception to a general prohibition on providing certain services for the maritime...

https://mfame.guru/price-cap-for-maritime-transport-of-crude-oil-of-russian-origin-set-and-implemented/

Why the Oil Price Cap Won’t Hurt Putin?

Credits: Zbynek Burival/Unsplash

In terms of the price of Russian oil, the West wants to have it all, as reported by Foreign Policy.

Steep discounts

When Western leaders announced on Dec. 2 that they had agreed on a $60 price cap on Russian oil exports, they trumpeted it as a bold multinational achievement in energy diplomacy.

After all, Russian oil has sold at prices in the $60 range for much of the last several years.

When countries such as India and China snapped up the surplus, they negotiated...

https://mfame.guru/why-the-oil-price-cap-wont-hurt-putin/

Zelensky Deems The West’s Oil Cap On Russia To Be ‘Weak’

  • Ukraine President Volodymyr Zelensky has criticised a price cap set by his Western allies on Russian oil exports, calling it “weak”.
  • The cap, approved on Friday, is aimed at stopping countries paying more than $60 (£48) for a barrel of seaborne Russian crude oil.
  • Russia says it will not accept a cap on prices for its oil exports.
  • The measure – due to come into force on Monday – intensifies Western pressure on Russia over the invasion.

A recent  article published in BBC News states that...

https://mfame.guru/zelensky-deems-the-wests-oil-cap-on-russia-to-be-weak/

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