{"id":1761973,"date":"2022-12-04T08:39:37","date_gmt":"2022-12-04T13:39:37","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1761973"},"modified":"2022-12-04T08:49:35","modified_gmt":"2022-12-04T13:49:35","slug":"russia-rejects-g7-price-cap-on-oil","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/russia-rejects-g7-price-cap-on-oil\/","title":{"rendered":"Russia Rejects G7 Price Cap on Oil"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Frussia-rejects-g7-price-cap-on-oil%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1761973&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/12\/65e8cee2-8884-44fd-a013-956fc61cd32d-1110x740-1.jpg\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p>I\u2019m old enough to remember when the NATO allies said that they wouldn\u2019t buy any of Russia\u2019s oil as punishment for Mad Vlad\u2019s decision to invade Ukraine. Apparently, that form of economic warfare backfired significantly, eventually doing more damage to the European economy (and America\u2019s) than it did to Russia\u2019s. The latest version of this fiscal assault came when the G7 <a href=\"https:\/\/www.reuters.com\/business\/energy\/holdout-poland-approves-eus-60-russian-oil-price-cap-with-adjustment-mechanism-2022-12-02\/\" target=\"_blank\" rel=\"noopener\">announced<\/a> that they would be putting a \u201cprice cap\u201d on Russian oil, eventually settling on a top value of $60 per barrel. Predictably, the Russians looked at that announcement and immediately said <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-zelenskyy-economy-prices-european-union-5492e005824aa1de529c8629a59e7982\" target=\"_blank\" rel=\"noopener\">it wasn\u2019t going to fly<\/a>. I still find myself wondering who actually cooked up this idea in the first place. (Associated Press)<\/p>\n<blockquote>\n<p>Russian authorities rejected\u00a0<a id=\"reader.external-link.num-0\" href=\"https:\/\/apnews.com\/article\/putin-health-covid-prices-european-union-65de1c4934227208bfa68bb7d4c47716\" target=\"_blank\" rel=\"noopener noreferrer\">a price cap<\/a>\u00a0on the country\u2019s oil set by Ukraine\u2019s Western supporters and threatened Saturday to stop supplying the nations that endorsed it.<\/p>\n<p>Australia, Britain, Canada, Japan, the United States and the 27-nation European Union\u00a0<a id=\"reader.external-link.num-1\" href=\"https:\/\/apnews.com\/article\/russia-ukraine-business-moscow-europe-european-union-825506b6a349cce7e5971c0ac550aeaa\" target=\"_blank\" rel=\"noopener noreferrer\">agreed Friday<\/a>\u00a0to cap what they would pay for Russian oil at $60-per-barrel. The limit is set to take effect Monday, along with an EU embargo on Russian oil shipped by sea.<\/p>\n<p>Kremlin spokesman Dmitry Peskov said Russia needed to analyze the situation before deciding on a specific response but that it would not accept the price ceiling. Russia\u2019s permanent representative to international organizations in Vienna, Mikhail Ulyanov, warned that the cap\u2019s European backers would come to rue their decision.<\/p>\n<\/blockquote>\n<p>Meanwhile, Volodymyr Zelenskyy (we\u2019re apparently spelling it with two Y\u2019s these days) predictably complained that the price cap didn\u2019t go far enough. He feels that the price should be even lower, suggesting that a cap of $30 per barrel would \u201cdestroy the enemy\u2019s economy faster.\u201d<\/p>\n<p>Feel free to call me a Putin apologist if you wish, but this idea never made any sense to me. How is anyone supposed to be able to put a \u201cprice cap\u201d on products that they neither own nor control? That would be the same as if you pulled into a gas station and declared that five dollars per gallon is outrageous so you would only pay three dollars per gallon. The station manager would look at you like you had a screw loose and simply refuse to serve you. If you attempted to fill up your tank and give them less money, they would call the police and you would be arrested for theft.<\/p>\n<p>As consumers, the west can either pay the price that the supplier sets or choose not to purchase the product. This really isn\u2019t complicated. If the west boycotts Russian oil for long enough, the Kremlin may be forced into lower its prices at some point, but the decision would still remain in Russia\u2019s hands.<\/p>\n<p>Also, the boycotts haven\u2019t been working out very well anyway. Russia simply opened up new markets in nations that remain friendly to them, particularly China, North Korea, Iran, and a couple of other OPEC+ nations. It\u2019s not that the various sanctions and boycotts haven\u2019t had a negative impact on the Russian economy. They <a href=\"https:\/\/www.theguardian.com\/commentisfree\/2022\/oct\/26\/sanctions-russia-war-ukraine-putin-oligarchs\" target=\"_blank\" rel=\"noopener\">definitely have<\/a>. But they failed to entirely implode the Russian federation quickly as some NATO members predicted.<\/p>\n<p>At the same time, the ripple effect of removing the Russian Federation from most of the global supply chain has hurt the west nearly as much as it has the Russians. European countries are currently facing an energy crisis that could result in some Europeans literally <a href=\"https:\/\/thehill.com\/opinion\/energy-environment\/3602202-europeans-risk-death-by-cold-for-green-folly-and-we-could-be-next\/\" target=\"_blank\" rel=\"noopener\">freezing to death<\/a> this winter. (Though that problem has been massively compounded by their own green energy policies as well.) It\u2019s beginning to look as if NATO\u2019s efforts to engage in economic warfare against Russia are turning out to be a case of cutting off our own nose to spite our face.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I\u2019m old enough to remember when the NATO allies said that they wouldn\u2019t buy any of Russia\u2019s oil as punishment for Mad Vlad\u2019s decision to invade Ukraine. Apparently, that form<\/p>\n","protected":false},"author":1,"featured_media":1761976,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1761973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1761973","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1761973"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1761973\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1761976"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1761973"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1761973"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1761973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}