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 of energy issues, warned in televised comments Sunday that Russia would not sell its oil to countries that would try to use the cap. The Ukrainian government demanded a lower price cap, at $30 per barrel, insisting that at the $60 level Russia would still reap annual oil revenues of $100 billion, money that could be used to finance its war machine.

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History of this topic

Russia wants to become the second-largest oil producer in the world
1 month, 1 week ago

Russia wants to become the second-largest oil producer in the world

China Daily  

Russia is reportedly considering a major oil-sector shakeup by merging three of its largest oil companies: state-backed Rosneft and Gazprom Neft and privately-held Lukoil. Notably, the consolidation could allow Russia to command higher prices for crude oil exports to major buyers like India and China. This shift is driven by Russia’s substantial discounts on crude oil, which have made it …

Russian oil finds its way to Europe via India; India now biggest exporter of fuel to EU
1 month, 2 weeks ago

Russian oil finds its way to Europe via India; India now biggest exporter of fuel to EU

The Hindu  

India's export of fuels like diesel to the European Union jumped 58% in the first three quarters of 2024, with a bulk of them likely coming from refining discounted Russian oil, according to a monthly tracker report. "In the 13 months since the oil price cap took effect, over one-third of India's exports of oil products to sanctioning countries was …

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 …

So many sanctions on Russia. How much impact do they really have?
10 months ago

So many sanctions on Russia. How much impact do they really have?

Associated Press  

WASHINGTON — So many sanctions. Many of the new sanctions target Russian firms that contribute to the Kremlin’s war effort — everything from drone and industrial chemical manufacturers to machine tool importers. The Group of Seven allies in December 2022 imposed a $60 per barrel price cap on Russian oil, hoping to limit Russia’s revenues from fossil fuels. Treasury Deputy …

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. …

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 …

Russia’s shadowy energy trade is raising fears of a devastating oil spill
1 year, 8 months ago

Russia’s shadowy energy trade is raising fears of a devastating oil spill

CNN  

London CNN — The waters of the Bay of Lakonikos, on the south-eastern side of Greece’s Peloponnese peninsula, are a bright turquoise color. “Smaller vessels come in from Russian ports, they transfer the cargoes onto larger vessels, and then those larger vessels will head off to Asia.” A satellite image taken on March 20, 2023 shows two tankers conducting a …

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. …

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’

Al Jazeera  

Russia is enjoying stronger revenues via sale of oil despite the West’s attempts to curb funds for its war in Ukraine. 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 …

Explained | Why is Japan circumventing sanctions on Russian oil?
1 year, 8 months ago

Explained | Why is Japan circumventing sanctions on Russian oil?

The Hindu  

The story so far: Japan has been purchasing oil from Russia at a price above the $60 per barrel price cap imposed by the West, according to reports this week. However, Japan’s decision to purchase oil above the price cap once again brings to the fore the strong incentives facing countries to subvert the West’s $60 per barrel price cap. …

US says Russia not benefiting from +$60/bbl oil to India
1 year, 9 months ago

US says Russia not benefiting from +$60/bbl oil to India

Live Mint  

Russia is not reaping the benefits of higher costs of some recent cargoes of crude oil bought by refiners in India priced above the price cap set by countries in the West and Australia, a U.S. official said on Thursday. Some Dubai-based traders, and Russian energy companies Gazprom and Rosneft are seeking non-dollar payments for certain niche grades of Russian …

Russia’s economy holds up, but growing challenges test Putin
1 year, 9 months ago

Russia’s economy holds up, but growing challenges test Putin

Associated Press  

Western sanctions have hit Russian banks, wealthy individuals and technology imports. Economists say sanctions on Russian fossil fuels only now taking full effect — such as a price cap on oil — should eat into earnings that fund the military’s attacks on Ukraine. “We have had even worse periods of time in history, and we coped,” he said, but added …

Russian oil becomes more pricey with pool of Asian buyers expands
1 year, 9 months ago

Russian oil becomes more pricey with pool of Asian buyers expands

Live Mint  

The price of Russian crude and fuel is rising for buyers in Asia as a pool of bigger customers from China and India expands, putting pressure on smaller refiners that have eagerly consumed the cheap oil. The larger refiners have muscled in to a patch typically dominated by China’s smaller independent processors, known as teapots, which have been consistent consumers …

‘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 …

Russia may cut March oil production by 5L barrels a day, says Dy PM
1 year, 10 months ago

Russia may cut March oil production by 5L barrels a day, says Dy PM

Live Mint  

Russia plans to cut its March oil production by 500,000 barrels a day in response to the western price caps, said Deputy Prime Minister Alexander Novak. “Russia believes that the mechanism of price caps on Russian oil and petroleum products is an intervention in market relations and an extension of destructive energy policies of the collective West,” Novak said in …

'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 …

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

Europe bans Russian diesel, other oil products over Ukraine

Associated Press  

FRANKFURT, Germany — Europe imposed a ban Sunday on Russian diesel fuel and other refined oil products, slashing energy dependency on Moscow and seeking to further crimp the Kremlin’s fossil fuel earnings as punishment for invading Ukraine. The goal is allowing Russian diesel to keep flowing to countries like China and India and avoiding a sudden price rise that would …

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 {{ …

European Union bans Russian diesel, oil products over Ukraine
1 year, 10 months ago

European Union bans Russian diesel, oil products over Ukraine

Al Jazeera  

Move comes after the bloc found new supplies of diesel from the US, Middle East and India to replace Russian energy supplies. Europe has imposed a ban on Russian diesel fuel and other refined oil products, slashing energy dependency on Moscow and seeking to further crimp the Kremlin’s fossil fuel earnings as punishment for invading Ukraine. The goal is allowing …

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, …

Russia threatens to slash oil supplies in 2023, spooks markets
2 years ago

Russia threatens to slash oil supplies in 2023, spooks markets

Al Jazeera  

Moscow warns it may cut production by 5-7 percent in early 2023 as the energy war with the West deepens. Russia may cut oil output by 5-7 percent in early 2023 and halt sales to countries supporting a price cap on its crude and oil products, a senior official has said. “Crude prices are higher as energy traders focus on …

Ukraine war: Vladimir Putin has been weaponising energy for years. Here’s what to look for next
2 years ago

Ukraine war: Vladimir Putin has been weaponising energy for years. Here’s what to look for next

Firstpost  

Russia shifted its strategy to attrition, specifically targeting energy infrastructure, after failing to force a quick, decisive victory against Ukraine Not since the 1970s oil crisis has the West seen such a focus on energy security. Vladimir Putin’s regime had been using selective gas supply cuts as a pressure tool against Ukraine since at least the winter of 2005-06, when …

EU countries agree gas price cap to battle energy crisis
2 years ago

EU countries agree gas price cap to battle energy crisis

Al Jazeera  

The 27-nation bloc has agreed to trigger a cap if gas prices exceed 180 euros per megawatt hour for three days. European Union nations’ energy ministers have agreed on a gas price cap, after weeks of talks on the emergency measure that has split opinion across the bloc as it seeks to tame the energy crisis. EU officials and a …

Drivers are stuck in limbo as world’s oil supply reshuffles
2 years ago

Drivers are stuck in limbo as world’s oil supply reshuffles

Associated Press  

NEW YORK — At a gas station outside New York City, retired probation officer Karen Stowe was faced with a pump price she didn’t want to pay. Drivers now hope the situation doesn’t get worse after a series of cutbacks tied to Russia’s war in Ukraine, accidents and the slowing global economy have strained the world’s oil supply. “But it …

Drivers stuck in limbo as world's oil supply reshuffles
2 years ago

Drivers stuck in limbo as world's oil supply reshuffles

Firstpost  

Drivers hope the situation doesn’t get worse after a series of cutbacks tied to Russia’s war in Ukraine, accidents and the slowing global economy have strained the world’s oil supply New York: At a gas station outside New York City, retired probation officer Karen Stowe was faced with a pump price she didn’t want to pay. Drivers now hope the …

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 …

Russian oil said to be sold to India below price cap
2 years ago

Russian oil said to be sold to India below price cap

The Hindu  

Russia's flagship Urals crude has been sold at deeper discounts this month following a European ban on Russian oil imports, and dominant buyer India has bought barrels at well below a $60 price cap agreed by the West, four market sources said. Reuters calculations showed discounts for Urals oil at Russia's western ports for sale to India under some deals …

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 …

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