Oil price cap will have repercussions from the West - Putin

RUSSIA / FSU POLITICS - In Brief 25 Nov 2022 by Alex Teddy
On November 24 Putin said to the Iraqi PM that the Western plan to put a cap on Russian oil will harm the energy market. The Kremlin published a transcript of his conversation.  The US said on November 22 that it will soon announce details of its oil cap plan along with its allies. The oil price cap has been floated as an idea for several months. It indicates Western disunity that it has taken so long to move on it. Iraq and Russia are working in OPEC+ to stabilize the oil market. The oil price cap is due to take effect on December 5. This would forbid the transportation or insurance of Russian oil sold above a certain price. The aim is to deprive Russia of a source of revenue that is vital to fund the war. China, India and other non-Western states would be impacted by the price cap inasmuch as they may rely on Western countries for some of the insurance of and transportation of some Russian oil shipments.

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