Sanctions on Russia
in War in Ukraine ·
casualtiger2 said:Russian crude is trading at $52—well under the proposed price cap
According to Bloomberg, Russian Urals crude is currently hovering around $52 a barrel. That’s a massive gap—over $10 less than the bottom end of the $65–$70 range suggested by the G7-EU-UK price cap mechanism.
The G7 and EU haven't officially pulled the trigger yet, but the price cap mechanism and the EU's maritime embargo on Russian crude are set to kick in in less than two weeks, on December 5th.
And look at that, Brent Crude is sitting right around $83, basically back where it was in January.
It’s just grinding them all down, nice and steady, you know? ☕
Now we're just waiting to see when the Russians will finally face reality and stop this madness, because honestly, how fast they catch on will determine if their recovery takes ten years or fifty. 🙂
