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Will Europe’s $50 Russian Oil Price Cap Plans Thwart the ‘Shadow Fleet’? ...Middle East
The European Union will propose to G7 finance ministers to lower the price cap on Russian crude from the current $60 per barrel to $50, European Economic Commissioner Valdis Dombrovskis said. Established in December 2022, the G7 oil price cap prevents Western-allied companies from providing shipping, insurance, and related services for Russian crude sold above $60 per barrel. The main objective of the price cap is to cripple Russia's ability to fund its war in Ukraine, while also maintaining reasonable flows of Russian oil to global markets to…
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