Permalink Harebrained Price Cap on Russian Oil

Stephen Lendman | The price of goods and services is largely determined by supply and demand. The fundamental market principle especially applies to fungible commodities, virtually identical ones. Capping the price of commodities like oil and natural gas is doomed to fail. | Vladimir Putin, Energy Minister Alexander Novak and other senior Russian officials stressed that nations imposing a cap on Russian oil and/or gas will no longer be sold these commodities. Russia has many willing buyers of its oil, gas and other goods. What hegemon USA and its subservient vassals won’t buy at market prices will be sold to nations unwilling to go along with the harebrained scheme. On Thursday, Sergey Lavrov said the following: 💬 “We have no interest in what the price cap will be.” “We will reach direct agreements with our partners.” (The) ones “working with us will disregard caps and (we) will give no guarantees to those who impose such caps illegally.” Russia is “building a system (that’s) independent from neo-colonial” regimes.  US/Western sanctions harmed EU member states, their main target, not largely self-sufficient Russia.  Ahead of the announced price cap, the Center for Strategic and International Studies said that 💬 imposing one “poses no threat to Russia’s revenue stream.” A cap will increase the price of oil and Russian revenue. Slamming the policy, Forbes magazine called it 💬 a “complex Rube Goldberg scheme” doomed to fail.

G7 prices cap on Russian oil start, Russia will only sell at market price
Italy explains why it can't abandon Russian gas
Western sanctions on Russian oil come into force
Russia won’t accept oil price cap – Kremlin (12/03/22)


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