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02-12-2022, 09:07 AM
PUBLISHED THU, DEC 1 20225:21 AM ESTUPDATED THU, DEC 1 20229:58 AM EST
Silvia Amaro
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
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However, EU nations have been in dispute for several days over the right level to cap prices.
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A proposal discussed earlier this week suggested a limit of US$62 a barrel, but Poland, Estonia and Lithuania refused to agree to it, arguing it was too high to dent Russia’s revenues.
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“China and India are crucial as they buy the bulk of Russian oil,” Jacob Kirkegaard, senior fellow at the Peterson Institute For International Economics, told CNBC.
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India’s petroleum minister, Shri Hardeep S Puri, told CNBC in September he has a “moral duty” to his country’s consumers. “We will buy oil from Russia, we will buy from wherever,” he added.
As such, there are growing doubts about the true impact of the restrictions on Russia.
https://www.cnbc.com/2022/12/01/russian-...g-way.html
Silvia Amaro
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
......
However, EU nations have been in dispute for several days over the right level to cap prices.
......
A proposal discussed earlier this week suggested a limit of US$62 a barrel, but Poland, Estonia and Lithuania refused to agree to it, arguing it was too high to dent Russia’s revenues.
......
“China and India are crucial as they buy the bulk of Russian oil,” Jacob Kirkegaard, senior fellow at the Peterson Institute For International Economics, told CNBC.
......
India’s petroleum minister, Shri Hardeep S Puri, told CNBC in September he has a “moral duty” to his country’s consumers. “We will buy oil from Russia, we will buy from wherever,” he added.
As such, there are growing doubts about the true impact of the restrictions on Russia.
https://www.cnbc.com/2022/12/01/russian-...g-way.html
