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Price cap ineffective: The secret helpers of the Russian oil industry

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Price cap ineffective: The secret helpers of the Russian oil industry

About six months ago, the EU decided on two far-reaching interventions in the global energy markets. Brussels banned the import of Russian oil and imposed a price cap on trade with third countries. He stipulates that European tankers can only transport the raw material to Asia and Africa if the price per barrel (159 liters) is less than 60 dollars.

This is how the EU wants to avoid global bottlenecks. Putin should still be allowed to sell his oil – but at a price that doesn’t flush too much money into his war chest. But Western shipping companies often avoid the price cap, as studies by the Brussels think tank Bruegel and the Kyiv School of Economics now show. Europe’s plan to wreck Putin’s commodities deal is in even greater jeopardy.

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