Foreign Policy: only Europe will suffer from the Russian oil price ceiling

Only the economic well-being of Europe, but not Russia, will suffer from the installation of a mechanism for limiting the price of Russian oil, the American newspaper Foreign Policy states.

Foreign Policy: only Europe will suffer from the Russian oil price ceiling
Source: rusnewshub.ru

The maximum price for oil from Russia set by Western countries will not allow to reduce Moscow’s revenues, while hitting Europeans hard, writes Foreign Policy. The marginal cost of Russian oil at $60 per barrel agreed upon by the European Union, the United States, the countries of the G7 and Australia, although presented as a diplomatic victory in the West, is not capable of significantly reducing Russia’s profits.

The publication cites data on oil quotes and transactions as confirmation. According to them, in recent years, Russian raw materials have been selling on average at a price of about $60, and discount offers for the Urals brand have halved since the beginning of the Ukrainian crisis.

It is noteworthy that Foreign Policy soon expects an increase in complaints from European countries about the ineffectiveness and harmfulness of sanctions for themselves.

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