Untested price cap on Russian oil targets Putin's cash flow faces a challenge
Untested price cap on Russian oil targets Putin's cash flow faces a challenge
Months after Ukraine's Western allies set a $60 per barrel limit on Russian oil sales, the cap, initially symbolic, is now being tested as Russia's benchmark oil prices have exceeded it since mid-July. This is to allow the Kremlin to accumulate substantial funds for its war in Ukraine, despite evidence of traders and shippers circumventing the price limit, marking the first signs of enforcement ten months after the cap was imposed in December.
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Months after Ukraine's Western allies set a $60 per barrel limit on Russian oil sales, the cap, initially symbolic, is now being tested as Russia's benchmark oil prices have exceeded it since mid-July. This is to allow the Kremlin to accumulate substantial funds for its war in Ukraine, despite evidence of traders and shippers circumventing the price limit, marking the first signs of enforcement ten months after the cap was imposed in December.
PHOTOS BY AP
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Visit our website at https://www.manilatimes.net
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Instagram - https://tmt.ph/instagram
Twitter - https://tmt.ph/twitter
DailyMotion - https://tmt.ph/dailymotion
Subscribe to our Digital Edition - https://tmt.ph/digital
Check out our Podcasts:
Spotify - https://tmt.ph/spotify
Apple Podcasts - https://tmt.ph/applepodcasts
Amazon Music - https://tmt.ph/amazonmusic
Deezer: https://tmt.ph/deezer
Stitcher: https://tmt.ph/stitcher
Tune In: https://tmt.ph/tunein
#themanilatimes
#tmtnews
#europe
#israelhamaswar
#rally
#worldnews
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