After months of lobbying by the United States and days of fraught negotiations, Ukraine’s allies are closer to implementing a plan to cap the price of Russian oil starting next week.
hard by U.S. Treasury Secretary Janet L. Yellen, is to limit how much Russia can make on the oil it diverts elsewhere in the world without creating a massive disruption in global supply. Participating countries would ban the provision of maritime services — such as finance and insurance — for shippers transporting Russian oil that do not comply with the cap.Most such maritime services are handled by Western nations, including Greece and Britain.
“The main losses will be from the embargo,” said Vladimir Milov, a former Russian deputy minister of energy who is now a leading opposition politician in exile. “Because the E.U. will stop buying, Russia will have to send crude to Asia. This is more expensive, and there will be big losses on price.” The decision on the price cap level comes after months of fraught debate and diplomacy about the best way to hit the Kremlin’s energy revenue without wreaking additional havoc on markets.In March, in the immediate aftermath of Russia’s invasion of Ukraine, President Biden announced a U.S. ban on Russian oil and gas, but the E.U., which was vastly more reliant on Russian energy, did not sign on.
Proponents of the cap plan see it as a sort of safety net, a way to offset the strict E.U. sanctions on Russia by keeping the market moving.
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