A $60 price cap on Russian oil opens a new front by Western nations seeking to deplete the country's resources for waging war in Ukraine, while also injecting fresh uncertainty into global energy markets.
Russia needs to analyze the situation before deciding on a specific response, according to the AP.tweeted
"To Russia, why send oil to countries that are participating? That's the risk that Europe is taking," said Patrick DeHaan, energy analyst at GasBuddy, while noting that any effects could take weeks or months to be felt. Meanwhile, the other countries currently importing Russian crude via ships — China, India and Turkey — will likely be able to skirt the cap, analysts say. last week that it would continue buying Russian oil without using Western finance or insurance services. Treasury Secretary Janet Yellen has previously said it would be"happy" for India to do so, including if the price of oil is above the cap.
"Up front, the cap is not a satisfying number," Tagliapietra said. However, if the price of oil were to shoot up, the cap could kick in and potentially effect "It's politicians trying to do something without doing anything," said DeHaan, noting that the price of oil has dropped in recent weeks even as the price cap approached.
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