as Pastor Bridgette asks :-).
What to know about the West's new efforts to slash Russia's oil revenue
This is your lead up to open hostilities happening right before your eyes.
"The United States and its allies are about to deliver a double blow to Russia aimed at starving its oil revenues.
First, the European Union will ban all seaborne imports of Russian oil, a move that takes effect Monday.
Also, the U.S. and other members of the Group of Seven leading economies will attempt to impose a price cap on the oil Russia continues to sell to other parts of the world. On Friday, the EU tentatively agreed to set a price ceiling at $60 per barrel."
"The two moves are intended to limit Russia's ability to fund its war in Ukraine but are designed to prevent disruptions in oil supplies that could cause higher prices."
(Yeah...good luck)
"Analysts say the price cap, spearheaded by the U.S. Treasury Department, could be difficult to enforce."
(Ya think?)
"What policymakers are trying to do is cut the world's largest oil exporter out of the market to a large degree," he says.
(He being Ben Cahill, senior fellow at the Center for Strategic and International Studies in Washington. So ask your selves, if somebody tried to do this to us? What would our response be? And then just assume the Russian response will be worse. This is just an absolutely catastrophic mistake, prices are gonna rise and funding for the war in Ukraine wont be curtailed.)
"The EU sanctions package created concerns that there would be a potential supply shock," Cahill, the energy analyst, says. "And so the proposed price cap is a way to try to keep those volumes on the market, but still curtail Russia's revenue."
"China and India buy Russian oil and it's unclear how they view the price cap"
(Baloney, I'll show you right here and now how they view it:
Posted June 24th of this year:
Along with the comment:
(He's out to destroy NATO and the current world economic system and he is succeeding.)
So how do you think China and India view this price cap mechanism again?)
"There's skepticism that the price cap will work. For one thing, it will need other countries beyond the G-7 and the EU to sign on to the plan."
(They have had a while to line them up, "need other countries beyond the G-7 and the EU to sign on" and they havent, but it's still a plan that is going to work?
yeah...right.)
"China and India are key. Both have gone on a buying spree of Russian oil since the war in Ukraine.
Arkady Gevorkyan, a commodity strategist at Citi Research, says India imported very little oil from Russia before the conflict. Now, it's helping fill the Kremlin's coffers, importing about 900,000 barrels a day, which he says is substantial. "That allowed Russians to divert some of the oil initially going to Europe, to India," Gevorkyan says."
"China, India and Turkey have been getting Russian oil at a big discount -- about $20 less per barrel. They'll continue to hammer out a good price if they believe they have leverage once the price cap sets in."
"Cahill says efforts to get countries outside the G-7 on board with the plans have not been successful, in part because they're wary of the complicated plan."
"I think there's also some irritation with Western sanctions and the idea that, you know, the U.S. and the EU are really pushing countries to do this and they're interfering with the global oil market," Cahill adds. "They have a lot of skepticism. And I don't think that India and China will sign the plan and fully endorse it."
(Translation?
The rest of the world is tired of us (The US, The EU, the "Collective West" calling the shots and they are in the majority rn.)
"Enforcing the price cap will be a challenge"
(Likely? Are you kidding?)
The G-7 price cap plan depends heavily on documentation and proof about where the oil on a tanker is coming from and how much it costs.
(Documentation is your enforcement mechanism? People actually believe that's gonna work? The real problem is they (Russia' China etc) have us by the balls and we got no good alternatives to that fact, except documentation enforcement mechanisms?
Please...)
Michelle Wiese Bockmann, an analyst with London-based Lloyd's List, a maritime news agency, says there's already a lot of illicit oil trade, especially moving sanctioned oil from Iran and Venezuela. She says it involves everything from falsifying documents to clandestine ship-to-ship transfers in the middle of the night."
"The evasion tactics used by Iran and Venezuela can be easily met and borrowed by Russia to continue shipping without that compliance to the price cap," she says. "It's very likely that sanctions evasion is going to be a hallmark of what happens post Dec. 5."
(Count on it.)
"Russia could try to exact some retaliation, using fuel for leverage"
(Could? I'd count on it.)
"Analysts and officials have warned that the West's new actions could provoke Moscow to retaliate by cutting off remaining natural gas supplies to European countries."
(How about all of it except Turkey, India and China? Then what?)
"Russian President Vladimir Putin has said he will not sell oil to any country that is compliant with the price cap and that Russian oil will find other customers, willing to risk breaking sanctions."
(I do not like him, nor what he does but if you have been paying attention to him through the years? The man does what he says he is going to, and rn we shouldn't expect him to behave any different than normal.)
"Other countries could help him. OPEC+, an alliance of oil producers that Russia co-chairs along with Saudi Arabia, is concerned about the idea of buyers colluding — countries banding together to try to influence the oil market and target certain producers. They worry that if the West can do it to Russia, then it could someday do the same against other oil producers."
(And that is an absolute legitimate concern.)
"Members of the oil cartel are due to meet in Vienna on Sunday, one day before the EU oil embargo and the price cap are due to begin."
Maranatha Lord Jesus.
Lord help us all.
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