, Columnist
Russian Oil Price Cap Will Please the US, and No One Else
Several European countries, as well as Ukraine, wanted the threshold set much lower to hit the Kremlin’s war chest.
An oil tanker refuels in Saint Petersburg, Russia.
Photographer: Bloomberg
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Hello and welcome to Elements, our daily energy and commodities newsletter. Today, Bloomberg Oil Strategist Julian Lee looks at the likely effects of the oil price cap, agreed at $60 a barrel, as a European Union ban on most seaborne Russian crude comes into force. If you haven’t yet signed up to get Elements directly into your inbox, you can do that here.
The $60-a-barrel price cap on Russian crude took effect today. Don’t expect it to make anybody outside the US administration happy.