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U.S., allies aim to cap Russian oil prices to hinder invasion

25 Comments
By FATIMA HUSSEIN

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25 Comments
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To be fair, Russia's crappy worn-out equipment and poorly trained, supplied and led soldiers hinder Russia's invasion.

These measures are meant to hinder Russia's ability to FINANCE said cluster-duck of an invasion. Because even cannon fodder and 2nd rate arms dealers (e.g. Iran) have gotta be paid.

It's important to be accurate.

2 ( +12 / -10 )

They keep talking about it as if that alone is going to do it. India has stated it isn't interested in the scheme and China refused to even discuss it. In other words, it's not happening. Even if it weren't the case, the Russians said they would simply refuse to sell any which would push prices up and up until it crashed the global economy.

1 ( +8 / -7 )

by the end of this year

says it all!

-1 ( +1 / -2 )

 European allies of the U.S. plan to follow the Biden administration and take steps to stop their use of Russian oil by the end of this year

Why wait? Are there European countries dependent on Russian oil?

-1 ( +3 / -4 )

The idea behind the cap is to lower gas prices for consumers and help bring the war in Ukraine to a halt.

Yeah right...the exact opposite of both these "aims "will happen if this half baked idea ever gets off the ground.

However, China and India, two countries that have maintained business relationships with Russia during the war, will need to get on board.

Keep dreaming.

1 ( +3 / -2 )

That risk has the U.S. and its allies seeking to establish a buyer's cartel to control the price of Russian oil. Group of Seven leaders have tentatively agreed to back a cap on the price of Russian oil. Simply speaking, participating countries would agree to purchase the oil at lower-than-market price.

the key word participating!

fewer than 40 countries are participating in the Sanctions!

That leaves 155+ countries not participating and as some here like to point out a lot a good number of those 155 countries are not economic powerhouses, and for that simple fact, they are going to buy as much oil as Russia is willing to sell them especially since Russia offering at lower prices than other sources.

So basically a non enforceable, all talk no action but makes a good headline.

China, India, Pakistan, Vietnam, nearly every African country, most of South America, are already lining up to buy cheaper Russian oil without a cap.

But the fantasy of sanctions is still alive and well.

How are they succeeding against:

North Korea, Cuba, Iran, etc...?

Cuba 60+ years sanctions

North Korea 60 + years

Iran 40+ years

All still there nothing has changed!

Insanity: doing the same thing over and over again and expecting a different result!

-1 ( +5 / -6 )

For decades, the US and it's friends told themselves their ideas and actions were accepted not because of the economic and military might they were willing to use to force compliance, but because everyone saw them as moral leaders acting in the best interests of the world.

But the military and economic might they can use has dwindled significantly, and it seems more and more that no, most of the world doesn't see them as moral leaders or acting in the best interests of the world.

Problem is, they're not willing to accept that uncomfortable truth.

1 ( +5 / -4 )

This will backfire on the USA too.

-5 ( +4 / -9 )

Are there European countries dependent on Russian oil?

No way! Trump warned them years ago not to be and they obviously took actions to avoid this, right?

what, they actually didn’t and are dependent on Russia oil and buying it even today to fund the Russian war effort?

man, that’s super “regrettable”

-5 ( +2 / -7 )

James Hamilton, an economist at the University of California, San Diego, said garnering the participation of China and India will be important to enforcing any price cap plan.

Right there is the admission that this stupid plan will go nowhere. China, India and a whole host of other countries including NATO members and those who have joined the so called sanctions, will continue to buy Russian oil. Mostly paying in Rubles too.

-5 ( +2 / -7 )

U.S., allies aim to cap Russian oil prices to hinder invasion

MAYbe, “U.S., allies” should cap their own debt spending, recover from their debt hole, and take care of their own citizens first.

0 ( +5 / -5 )

US should cap the oil in it own country,due to price gouging and market manipulation

3 ( +5 / -2 )

It sounds so simple. I hope it works.

0 ( +2 / -2 )

It sounds so simple. I hope it works.

It is simple but has just the one tiny problem.... it will be ignored by those buying the oil.

0 ( +3 / -3 )

yeah, something tells me this will happen instead and its time to buy oil company stocks.

 a move that some economists say could cause the supply of oil worldwide to drop and push prices as high as $200 a barrel.

-4 ( +1 / -5 )

It sounds so simple. I hope it works.

Because it is conceived by genuises. Not

I will help them and cap the use of my car to once a month

and get rid of it completely by the end of the year.

2 ( +3 / -1 )

Another stupid idea to get headlines but that will achieve nothing.

3 ( +5 / -2 )

Biden wants to protect the Obama backed sponsored revolution in Ukraine.

Unfortunately, deciding to ignore the Russian efforts to bring about a negotiated end to the war that sponsored revolution started wasn't the way to do it, and so far nothing else he's done has worked either.

This effort won't even get off the ground because it isn't the twentieth century anymore, it's the 21st, and as Kissinger said in 2011, the 21st century belongs to China, not the US.

0 ( +4 / -4 )

us seems completely to be out of reality on the group.

just another silly try to show big balls...

0 ( +3 / -3 )

Worth a try I guess...

3 ( +3 / -0 )

All still there nothing has changed!

In all those countries, the average person lives in terrible conditions, which is hardly the same as pre-sanction years. All because the rulers are unwilling to "play ball", like each of us do daily when we go into work for "the man" and do what we're told.

Russia will become like those other countries as their economy contracts even more. The Russian economy is smaller than South Korea's already. Perhaps when they are smaller than Hong Kong, the message will be understood?

-1 ( +1 / -2 )

They force Lithuania too let Russia,transit through Lithuania ,the US should stop letting them make side deal,if they are against US interest,the US is still insuring Russian oil shipment by tanker

1 ( +1 / -0 )

The US isn't the driver of this. They are just backing what others have suggested. Not having Russian fuel is a minor inconvenience to most of the US, unlike in Europe.

With the worlds largest oil customers (about the top 20 users) refusing to pay Russia above the a specific price, grouping all the smaller users together won't be much help.

Iran is greatly impacted by sanctions. They have military and commercial planes that cannot fly because access to parts is gone. They have problems with medical needs too, because access to the best drugs and equipment is gone. Most importantly, outside investment has dropped, since no company wants to risk their money in an out-of-favor country with a dictator (regardless of their elections). Iran has a supreme leader who can overrule the PM or President or Representatives or Judicial arms of their govt. That means it is a dictatorship.

0 ( +2 / -2 )

Thefu,the US government has 785 million barrel in reserves,only needed to pumped into tanker ,the US can drive the price down by flooding the market

1 ( +1 / -0 )

theFu

Today 04:42 am JST

Multiple flaws in your comments.

Top 20 oil users won't buy?

Smaller won't together won't help?

Did China and India suddenly just vanish?

Those 2 alone can buy all Russia's oil especially if lower than market price and over the silly proposed cap!

Comparing Russia to Iran you might as well compare an elephant and dog.

Unlike Iran Russia produces it's own airplanes, it's own weapons nearly all its food, all its own energy/power, has all it's own raw materials, it is nearly fully self-sufficient.

And the few things it doesn't have it can get from China with a bit of oil thrown into the deal.

These stories are mostly propaganda as the Western governments and media try in vain to look like they are hurting Russia more than themselves.

Recent articles said the west will stop buying Russian gold and UK buys 93% and Russia will lose $15 billion in sales to the UK.

Strange because the 2020 figures 2019 figures 2018 figures published before the invasion state sales to the UK at 93% of the gold exported and at $ 5 billion for each of those years so where did the extra $10 billion come from?

We need to remember, during war both side put out tons of propaganda, we automatically understand Russian news is totally propaganda, now we need to train ourselves to understand that our western news is also mostly propaganda as is normal during war.

We need to verify everything not just what Russia says but what our own governments and media say.

0 ( +1 / -1 )

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