Treasury releases more details of Russian oil price cap plan
2 years, 1 month ago

Treasury releases more details of Russian oil price cap plan

Associated Press  

WASHINGTON — The Treasury Department released new details Tuesday of its long-awaited plan to impose a price cap on Russian oil, but the U.S. and its allies are still finalizing how much they’ll pay for petroleum exports that have helped fund the war in Ukraine. The latest guidance defines what constitutes Russian oil and when the cap applies and states that the price cap could change depending on market conditions. A Dec. 5 deadline for setting the price for discounted oil comes just before a year-end wider European embargo on seaborne Russian crude oil and a complete ban on shipping insurance designed to prevent Russian oil from reaching non-European buyers. Mnuchin told CNBC the idea was “not only not feasible, I think it’s the most ridiculous idea I’ve ever heard.” White House National Security Council spokesman John Kirby said Tuesday that the administration is “trying to be as supportive as we can be, particularly in terms of the implementation” of the price cap.

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History of this topic

Two US treasury officials visiting India to urge Modi govt to maintain implementation of Russian oil price cap
8 months, 3 weeks ago

Two US treasury officials visiting India to urge Modi govt to maintain implementation of Russian oil price cap

India TV News  

Two senior US treasury officials - Acting Assistant Secretary for Terrorist Financing Anna Morris and PDO Assistant Secretary for Economic Policy Eric Van Nostrand - will urge New Delhi to maintain the implementation of the oil price cap aimed at limiting profits to Russia, while also promoting stable global energy markets, the Biden administration said in an official announcement. “They …

US to tell event in India that price cap on Russian oil working
8 months, 3 weeks ago

US to tell event in India that price cap on Russian oil working

Hindustan Times  

The G7 price cap on Russian oil shipments is cutting the revenue that Moscow has available to support its invasion of Ukraine, and the mechanism's effectiveness is helped by the recent actions of Indian refiners, U.S. officials will tell an event in New Delhi on Thursday, according to prepared remarks. "We know that the Indian economy has much at stake …

US sanctions UAE shipping firm for transporting Russian crude oil above USD60 per barrel price cap
11 months, 1 week ago

US sanctions UAE shipping firm for transporting Russian crude oil above USD60 per barrel price cap

India TV News  

Washington: The US on Thursday hit a United Arab Emirates shipping firm with sanctions after it transported Russian crude oil above the $60 per barrel price cap. This is the Treasury's first oil price cap enforcement action of 2024 — imposed on Hennesea Holdings Limited and its 18 vessels that the US Treasury now considers blocked property. Price cap The …

U.S. imposes more Russian oil price cap sanctions and issues new compliance rules for shippers
1 year ago

U.S. imposes more Russian oil price cap sanctions and issues new compliance rules for shippers

Associated Press  

WASHINGTON — The U.S. imposed new sanctions on alleged violators of a $60 per barrel price cap on Russian oil and tightened compliance rules for insurance firms and shippers, Wednesday. Also sanctioned were Hong Kong-based Covart Energy, which has increased its share of the trade of Russian oil since the price cap policy was implemented, and Hong Kong-based Bellatrix Energy. …

Russia pledges more oil data to ship trackers to soothe OPEC+
1 year ago

Russia pledges more oil data to ship trackers to soothe OPEC+

The Hindu  

Russia has pledged to disclose more data about the volume of its fuel refining and exports after OPEC+ asked Moscow for more transparency on classified fuel shipments from the many export points across the vast country, sources at OPEC+ and ship-tracking firms told Reuters. Mr. Sorokin told the firms - S&P Global Platts, Argus Media, Energy Intelligence, Wood Mackenzie, Rystad …

How Russia games oil sanctions for big profits
1 year, 1 month ago

How Russia games oil sanctions for big profits

Live Mint  

The latest evidence: Oil and gas tax revenue to the Russian budget in October more than doubled from September and rose by more than a quarter from the same month last year, according to data released Friday. The price cap, imposed last December, was supposed to achieve twin goals: ensure the flow of Russia’s crude on world markets, thus keeping …

A price cap on Russian oil aims to starve Putin of cash. But it’s largely been untested. Until now
1 year, 2 months ago

A price cap on Russian oil aims to starve Putin of cash. But it’s largely been untested. Until now

Associated Press  

FRANKFURT, Germany — For months after Ukraine’s Western allies limited sales of Russian oil to $60 per barrel, the price cap was still largely symbolic. Russia’s benchmark oil — often exported with Western ships required to obey sanctions — has traded above the price cap since mid-July, pumping hundreds of millions of dollars a day into the Kremlin’s war chest. …

The US government sanctions two shipping companies for violating the Russian oil price cap
1 year, 2 months ago

The US government sanctions two shipping companies for violating the Russian oil price cap

Associated Press  

WASHINGTON — The Treasury Department said Thursday that it has imposed its first set of sanctions on two companies that shipped Russian oil in violation of a multinational price cap. As a result of the sanctions, the Biden administration is blocking the companies’ ability to conduct business or access any property or financial interests in the U.S. A senior treasury …

Opinion: Putin is using high oil prices to test support for Ukraine. Congress’ dysfunction plays right into his hands
1 year, 2 months ago

Opinion: Putin is using high oil prices to test support for Ukraine. Congress’ dysfunction plays right into his hands

LA Times  

Wars are won and lost on battlefields. The price cap on Russian oil, pioneered by Treasury Secretary Janet Yellen and introduced by a G-7-led coalition in late 2022, was designed to reduce those revenues while keeping Russian oil on the market to hold world prices in check. The maritime tollbooth could then charge all Russian oil shipments the difference between …

G7 said to shelve regular Russian oil cap reviews as prices soar
1 year, 3 months ago

G7 said to shelve regular Russian oil cap reviews as prices soar

The Hindu  

The G7 and allies have shelved regular reviews of the Russian oil price cap scheme, people familiar with the matter told Reuters, even though most Russian crude is trading above the limit because of a rally in global crude prices. The Group of Seven countries along with the European Union and Australia imposed the price cap mechanism on Russian oil …

US says price caps on Russia’s oil are cutting revenue nearly in half and weakening its economy
1 year, 6 months ago

US says price caps on Russia’s oil are cutting revenue nearly in half and weakening its economy

Associated Press  

WASHINGTON — A top Treasury Department official said Thursday that the cap on the price of Russia’s oil is severely curtailing its greatest source of revenue as it wages war in Ukraine. When the United States and other economic powers in the Group of Seven, along with the European Union and Australia, last year announced an ambitious plan to cap …

India and China snap up Russian oil in April above ’price cap’
1 year, 8 months ago

India and China snap up Russian oil in April above ’price cap’

Live Mint  

India and China have snapped up the vast majority of Russian oil so far in April at prices above the Western price cap of $60 per barrel, according to traders and Reuters calculations. The latest data from Refinitiv Eikon suggest Russian Urals oil cargoes that loaded in the first half of April are mostly heading to India's and China's ports. …

India and China Snapping up Majority of Russian Oil Above Western Price Cap
1 year, 8 months ago

India and China Snapping up Majority of Russian Oil Above Western Price Cap

The Hindu  

India and China have snapped up the vast majority of Russian oil so far in April at prices above the Western price cap of $60 per barrel, according to traders and Reuters calculations. The latest data from Refinitiv Eikon suggest Russian Urals oil cargoes that loaded in the first half of April are mostly heading to India's and China's ports. …

‘We don’t and won't': Russia's unequivocal message to West on oil price cap
1 year, 9 months ago

‘We don’t and won't': Russia's unequivocal message to West on oil price cap

Hindustan Times  

The Kremlin said on Tuesday that it did not recognise the price cap introduced by Western countries on its oil exports, after the United States said that the cap was "working well". Washington was one of the key architects of the Western price cap on Russian oil, which aims to drive down Moscow's revenues used to fund its invasion of …

Spill over of macroeconomic tightening of major economies, debt overhang need to be addressed: Janet Yellen
1 year, 10 months ago

Spill over of macroeconomic tightening of major economies, debt overhang need to be addressed: Janet Yellen

Live Mint  

War, debt and economics are set to dominate G20 leaders’ discussions over the next two days. US Treasury Secretary Janet Yellen on Thursday flagged the need for tackling challenges like the spill over effects of macroeconomic tightening in major economies to the rest of the world and the debt distress in vulnerable countries like Zambia and Sri Lanka, ahead of …

Russia announces cut to oil output over Western price caps
1 year, 10 months ago

Russia announces cut to oil output over Western price caps

Associated Press  

MOSCOW — Russia announced Friday that will cut oil production by 500,000 barrels per day next month after Western countries capped the price of its crude over its action in Ukraine. “As of today, we fully sell all our crude output, but as we stated before, we will not sell oil to those who directly or indirectly adhere to the …

Russia to Slash Crude Oil Output in Retaliation for Western Price Cap
1 year, 10 months ago

Russia to Slash Crude Oil Output in Retaliation for Western Price Cap

News 18  

Russia announced Friday it will slash crude oil output by five percent next month after Western countries imposed a price cap over the Ukraine conflict. International crude prices surged after Deputy Prime Minister Alexander Novak said that Russia would “voluntarily” reduce production by 500,000 barrels per day in March. There are two price cap levels, $100 per barrel for more …

'US won't impose sanctions on India for purchasing Russian oil despite oil price cap': Top Energy official
1 year, 10 months ago

'US won't impose sanctions on India for purchasing Russian oil despite oil price cap': Top Energy official

India TV News  

The United States on Wednesday confirmed that it was not planning to impose any sanctions on India, amid the fact New Delhi exporting record-high Russian oil irrespective of the European Union and West imposed price cap on energy resources. EU, G7 partners agree on price cap on Russian petroleum products Notably, both the EU and the US adopted further price …

How will EU ban and West’s price cap on Russian diesel work?
1 year, 10 months ago

How will EU ban and West’s price cap on Russian diesel work?

Associated Press  

FRANKFURT, Germany — The European Union is taking another big step toward cutting its energy ties with Russia. The 27-nation bloc is banning Russian refined oil products like diesel fuel and joining the U.S. and other allies in imposing a price cap on sales to non-Western countries. The newest energy sanctions have risks: Diesel prices have already jumped since the …

Europe bans Russian diesel, other oil products over Ukraine
1 year, 10 months ago

Europe bans Russian diesel, other oil products over Ukraine

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

EU countries agree on new price cap for Russian oil
1 year, 10 months ago

EU countries agree on new price cap for Russian oil

NL Times  

EU member states have agreed to introduce a price cap on refined oil products from Russia. The G7 and the EU had already agreed in December on a price cap of $60 per barrel of crude oil from Russia. The insider in Brussels called it a "balanced, restrictive measure that keeps the price of oil and its derivatives low enough …

G-7, Europe reach deal for price cap on Russian diesel
1 year, 10 months ago

G-7, Europe reach deal for price cap on Russian diesel

Associated Press  

BRUSSELS — U.S. Treasury Secretary Janet Yellen said Friday that industrialized countries in the Group of Seven are imposing a price cap on refined Russian oil products such as diesel and kerosene, as part of a coalition that includes Australia and a tentative agreement from the European Union. The cap follows similar price limits put on Russian oil exports, with …

Europe reaches deal for price cap on Russian diesel
1 year, 10 months ago

Europe reaches deal for price cap on Russian diesel

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy European Union governments tentatively agreed …

Vladimir Putin’s plans to freeze Europe melt away with warm weather, as his economy withstands bracing winds
1 year, 11 months ago

Vladimir Putin’s plans to freeze Europe melt away with warm weather, as his economy withstands bracing winds

ABC  

While Europe's record-breaking temperatures have been causing alarm among climate scientists, officials in the Kremlin may be equally dismayed. Europe's energy crisis Photo shows The words "No Money for Murderers, Stop the Oil and Gas Trade" are projected onto the wall of the Russian consulate in Germany. "What the oil price cap has done is place restrictions on Russia through …

Report: Oil price cap takes small slice of Russia’s revenue
1 year, 11 months ago

Report: Oil price cap takes small slice of Russia’s revenue

Associated Press  

FRANKFURT, Germany — A price cap and European Union embargo on most Russian oil have cut into Moscow’s revenue from fossil fuels, but the Kremlin is still earning substantial cash to fund its action in Ukraine because the $60-per-barrel cap was “too lenient,” researchers said Wednesday. Peskov noted that in case of lowering the cap, “Russia will do everything to …

G7 Seeks Two Price Caps for Russian Oil Products
1 year, 11 months ago

G7 Seeks Two Price Caps for Russian Oil Products

News 18  

The Group of Seven coalition will seek to set two price caps on Russian refined products in February, one for products trading at a premium to crude oil and the other for those trading at a discount, a G7 official said. From Feb. 5, the coalition will also impose price caps on Russian products, such as diesel, kerosene and fuel …

Russia bans sales of oil to countries imposing price cap
1 year, 11 months ago

Russia bans sales of oil to countries imposing price cap

Live Mint  

Russia on Tuesday banned the sale of its oil and petroleum products to countries that put a cap on their sales price, in a move that threatened more uncertainty ahead for global energy markets. Many of Russia’s crude exports are now selling at market prices well below the $60 cap, primarily to countries like India, China and Turkey that haven’t …

Russia bans oil exports for countries using price cap: Why Moscow made move, who will be affected?
1 year, 11 months ago

Russia bans oil exports for countries using price cap: Why Moscow made move, who will be affected?

Firstpost  

While the G7, EU, and Australia will be affected by Russia’s ban if they adhere to the $60 per barrel price cap, experts say the move may benefit India and China – giving them further leverage to lower the price they pay for Moscow’s oil Russia has announced that countries and companies complying with the price cap on oil set …

Vladimir Putin bans Russian oil exports to countries that imposed price cap over Ukraine war
1 year, 11 months ago

Vladimir Putin bans Russian oil exports to countries that imposed price cap over Ukraine war

ABC  

President Vladimir Putin has delivered Russia's long-awaited response to a Western price cap, signing off on a five-month ban on the supply of crude oil and oil products to nations that impose the cap. Key points: Russia has banned G7 countries from crude oil exports, beginning February 1 The move follows the G7 price cap, aimed at crippling Moscow's military …

Russia bans oil sales to nations, firms complying with price cap
1 year, 11 months ago

Russia bans oil sales to nations, firms complying with price cap

Al Jazeera  

Moscow’s response to the Western price cap is to stop supplying crude oil and oil products from February 1. Russian President Vladimir Putin has issued a decree that bans oil sales to countries and companies that comply with a price cap agreed to by Western countries in response to Moscow’s invasion of Ukraine. The Group of Seven leading industrialised nations, …

The great gamble on the Russian oil price cap
2 years ago

The great gamble on the Russian oil price cap

The Hindu  

The Group of Seven countries, the European Union and Australia have imposed a price cap on Russian sea-borne oil to make it harder for Russia to fund its war against Ukraine. The price cap is an attempt by the West to cut Russia’s oil revenues without affecting oil supplies. At the moment, Russian oil is trading at a price that …

Russia offers India help in leasing and building large-capacity ships to overcome G7's oil price cap
2 years ago

Russia offers India help in leasing and building large-capacity ships to overcome G7's oil price cap

The Hindu  

Russia has welcomed India's decision to not support the price cap on Russian oil announced by G7 and its allies and offered it cooperation on leasing and building large-capacity ships to overcome the ban on insurance services and tanker chartering in the European Union and Britain to continue buying discounted oil. "The Deputy Prime Minister welcomed India's decision not to …

Russia appreciates India's decision to not back G7's price cap on oil
2 years ago

Russia appreciates India's decision to not back G7's price cap on oil

India TV News  

Russia on Sunday said that it welcomes India's decision to not support the price cap imposed on Russian oil by the G7 members and their allies. The statement was given by Russian Deputy Prime Minister Alexander Novak during a meeting with India's Ambassador to Russia, Pavan Kapoor on December 9. The Deputy Prime Minister welcomed India's decision not to support …

Explained | What does a price cap for Russian oil mean?
2 years ago

Explained | What does a price cap for Russian oil mean?

The Hindu  

The story so far: After months of negotiation, western countries comprising the Group of Seven nations, the European Union and Australia, agreed to a price ceiling of $60 per barrel of seaborne Russian Urals crude oil that came into force just as sanctions against freighters carrying Russian crude oil took effect earlier this week. So western nations came up with …

'We don't ask our companies...': Jaishankar on India's purchases of Russian oil
2 years ago

'We don't ask our companies...': Jaishankar on India's purchases of Russian oil

Hindustan Times  

The government does not expect oil companies to buy only from Russia, external affairs minister S Jaishankar said Wednesday morning amid continuing fierce debate over the decision to purchase cheap fuel from a Russian administration accused of using sale proceeds to fund its invasion of Ukraine. Jaishankar's comments come a day after Ukraine's foreign minister condemned - as 'morally inappropriate' …

Russian oil price cap, EU ban aim to limit Kremlin war chest
2 years ago

Russian oil price cap, EU ban aim to limit Kremlin war chest

Associated Press  

FRANKFURT, Germany — Major Western measures to limit Russia’s oil profits over the war in Ukraine took effect Monday, bringing with them uncertainty about how much crude could be lost to the world and whether they will unleash the hoped-for hit to a Russian economy that has held up better than many expected under sanctions. “And that depends not only …

Russian oil price cap, EU ban aim to limit Kremlin war chest
2 years ago

Russian oil price cap, EU ban aim to limit Kremlin war chest

Associated Press  

FRANKFURT, Germany — Major Western measures to limit Russia’s oil profits over the war in Ukraine took effect Monday, bringing with them uncertainty about how much crude could be lost to the world and whether they will unleash the hoped-for hit to a Russian economy that has held up better than many expected under sanctions. “And that depends not only …

G7 price cap on Russian oil kicks in, Russia will only sell at market price
2 years ago

G7 price cap on Russian oil kicks in, Russia will only sell at market price

The Hindu  

The Group of Seven price cap on Russian seaborne oil came into force on Monday as the West tries to limit Moscow's ability to finance its war in Ukraine, but Russia has said it will not abide by the measure even if it has to cut production. It allows Russian oil to be shipped to third-party countries using G7 and …

Cap on Russian oil prices begins, in pressure campaign on Moscow over Ukraine
2 years ago

Cap on Russian oil prices begins, in pressure campaign on Moscow over Ukraine

LA Times  

Western countries have begun imposing a $60-per-barrel price cap and ban on some types of Russian oil. Western countries Monday began imposing a $60-per-barrel price cap and ban on some types of Russian oil, part of new measures aimed at stepping up pressure on Moscow over its war on Ukraine. Russian Deputy Prime Minister Alexander Novak, who is in charge …

Russian oil price cap: Five things you need to know
2 years ago

Russian oil price cap: Five things you need to know

Al Jazeera  

Al Jazeera answers five key questions to better understand the effect of the EU and G7’s move. “The bloc has been focusing on replacing Russian oil supply routes with routes from countries in the Middle East and elsewhere, so the EU won’t face a crude oil shortage.” Philipp Lausberg, an analyst focusing on energy policy at the European Policy Centre, …

Fighting between Russian and Ukrainian forces running at a 'reduced tempo', US intelligence chief says
2 years ago

Fighting between Russian and Ukrainian forces running at a 'reduced tempo', US intelligence chief says

ABC  

The head of US intelligence says the fighting in Russia's war in Ukraine is running at a "reduced tempo", and the prospects for Ukrainian forces may be brighter in the coming months. Key points: US intelligence head Avril Haines said the Russian President's advisers could be shielding him from bad news A surveys conducted in Russia showed most respondents backed …

US intel chief thinking ‘optimistically’ for Ukraine forces
2 years ago

US intel chief thinking ‘optimistically’ for Ukraine forces

Associated Press  

KYIV, Ukraine — The head of U.S. intelligence says fighting in Russia’s war in Ukraine is running at a “reduced tempo” and suggests Ukrainian forces could have brighter prospects in coming months. Avril Haines alluded to past allegations by some that Russian President Vladimir Putin’s advisers could be shielding him from bad news — for Russia — about war developments, …

OPEC+ agrees to keep output levels unchanged
2 years ago

OPEC+ agrees to keep output levels unchanged

The Hindu  

Major oil-producing countries led by Saudi Arabia and Russia agreed on December 4 to maintain their current output levels in a climate of uncertainty and ahead of fresh sanctions against Moscow coming into force next week. OPEC+ described its October decision to cut as one "which was purely driven by market considerations", adding that it had been "the necessary and …

No OPEC+ oil shakeup as Russian price cap stirs uncertainty
2 years ago

No OPEC+ oil shakeup as Russian price cap stirs uncertainty

Associated Press  

FRANKFURT, Germany — The Saudi-led OPEC oil cartel and allied producers including Russia did not change their targets for shipping oil to the global economy amid uncertainty about the impact of new Western sanctions against Russia that could take significant amounts of oil off the market. It is not yet clear how much Russian oil the two sanctions measures could …

Russia will not sell oil subject to Western cap: Putin's aide
2 years ago

Russia will not sell oil subject to Western cap: Putin's aide

Hindustan Times  

Russia, the world's second largest oil exporter, will not sell oil that is subject to a Western price cap even if it has to cut production, President Vladimir Putin's point man on energy said. The Group of Seven and Australia on Friday agreed a $60 per barrel price cap on Russian seaborne crude oil after European Union members overcame resistance …

Russia rejects $60-a-barrel cap on its oil, warns of cutoffs
2 years ago

Russia rejects $60-a-barrel cap on its oil, warns of cutoffs

Associated Press  

KYIV, Ukraine — Russian authorities rejected a price cap on the country’s oil set by Ukraine’s Western supporters and threatened Saturday to stop supplying the nations that endorsed it. Wait, very soon the EU will accuse Russia of using oil as a weapon.” The office of Ukrainian President Volodymyr Zelenskyy, meanwhile, called Saturday for a lower price cap, saying the …

Russian oil revenues could weather EU ban, G7 price cap
2 years ago

Russian oil revenues could weather EU ban, G7 price cap

The Hindu  

Russian oil output could fall by 500,000 to 1 million barrels per day early in 2023 after the European Union imposes a ban on seaborne imports from Monday, two sources at major Russian producers said. They are seeking to strike a difficult balance to limit Moscow's oil income while avoiding oil price shocks on international markets that surged around the …

G7’s $60 Russian oil price cap impact on India and global markets
2 years ago

G7’s $60 Russian oil price cap impact on India and global markets

The Hindu  

The story so far: On December 3, the Group of Seven nations and Australia said a consensus had been reached on a $60 price cap on Russian seaborne crude oil, in the wake of the European Union saying member countries had agreed on the price cap. Russia said on Saturday it would continue to find buyers for its oil, despite …

G7's price cap on Russia oil 'to benefit low, medium-income nations': US
2 years ago

G7's price cap on Russia oil 'to benefit low, medium-income nations': US

Hindustan Times  

The United States on Friday welcomed the G7, European Union and Australia's US$60 price cap on Russian oil and said the move will 'particularly benefit low- and medium-income countries borne the brunt of elevated energy and food prices' caused by Russia's war on Ukraine. The US treasury secretary also said the cap will encourage flow of discounted Russian oil and …

G-7 joins EU on $60-per-barrel price cap on Russian oil
2 years ago

G-7 joins EU on $60-per-barrel price cap on Russian oil

The Hindu  

The Group of Seven nations and Australia joined the European Union on Friday in adopting a USD 60-per-barrel price cap on Russian oil, a key step as Western sanctions aim to reorder the global oil market to prevent price spikes and starve President Vladimir Putin of funding for his war in Ukraine. U.S. National Security Council spokesman John Kirby told …

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