{"id":1989431,"date":"2023-08-03T06:54:05","date_gmt":"2023-08-03T10:54:05","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/treasury-officials-tout-success-of-russian-oil-price-cap-even-as-profits-rise\/"},"modified":"2023-08-03T06:56:08","modified_gmt":"2023-08-03T10:56:08","slug":"treasury-officials-tout-success-of-russian-oil-price-cap-even-as-profits-rise","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/treasury-officials-tout-success-of-russian-oil-price-cap-even-as-profits-rise\/","title":{"rendered":"Russian oil price cap hailed as successful by Treasury officials despite rising profits."},"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\">26<\/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%2Ftreasury-officials-tout-success-of-russian-oil-price-cap-even-as-profits-rise%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=1989431&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--><h2>The Russian Oil Price\u2064 Cap: Choking Off War Revenue and Ensuring Market Supplies<\/h2>\n<p>According to senior Treasury Department officials, the Russian oil price\u200d cap has proven to be successful \u2064in both stifling \u2062the Kremlin&#8217;s war revenue and maintaining its oil supplies on the market. Despite <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/treasury-officials-tout-success-of-russian-oil-price-cap-even-as-profits-rise\/\" title=\"Russian oil price cap hailed as successful by Treasury officials despite rising profits.\">recent \u200btrading house data indicating<\/a> that Russian barrels are fetching profits above the $60 limit, Treasury officials \u200bemphasized that this outcome is not surprising.<\/p>\n<p>Speaking to \u2062reporters\u2064 on Thursday, Treasury\u2062 officials \u200cacknowledged that \u200csome Russian oil is still being shipped to buyers at \u2063or above \u200bthe\u200c $60 cap.\u200c This is happening through illegal &#8220;shadow&#8221; tankers and\u200b service providers operating outside the price \u2062cap coalition. However, they emphasized \u2064that even these transactions come\u2064 at a cost.<\/p>\n<h3>Impact on Russian Government Oil Revenues<\/h3>\n<p>Eric Van Nostrand, the Treasury \u200dDepartment&#8217;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/progressive-lawyers-help-biden-administration-gut-devoss-title-ix-rules\/\" title=\"Progressive Lawyers Help Biden Administration Gut DeVos\u2019s Title IX Rules\">acting assistant secretary<\/a> \u200bfor economic policy, highlighted data\u200d from \u200bthe Russian Ministry of Finance. According to this data, Russian government oil revenues for the first half of the year have fallen by\u2064 50% compared\u2062 to the previous year,\u200c despite an increase in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-releases-list-of-president-trumps-accomplishments-and-it-is-historic\/\" title=\"White House Releases List of President Trump\u2019s Accomplishments \u2013  And It Is Historic!\">oil exports<\/a>.<\/p>\n<p>The reason behind this decline is \u200bthat any \u200doil\u2064 sold outside\u2064 the \u2062G-7-backed coalition is still sold at\u200b a discount relative to \u2064the Brent crude price. This means that Russia&#8217;s investment in amassing its shadow fleet \u200cor \u200densuring its own oil exports diverts funding away from\u2062 its war\u200b chest as the cost of\u2062 the war in Ukraine continues to rise.<\/p>\n<p>&#8220;Since\u2063 implementation, this decline in Russian revenues has persisted even as Russian crude oil \u2062export\u200d volumes \u200dremain above 2021 average levels,&#8221; Van Nostrand explained. &#8220;As a \u2062result, since the price \u200ccap went into effect, \u2062we have seen much more stability in global energy \u200cmarkets than\u200c the skeptics\u2063 feared.&#8221;<\/p>\n<h3>The Mechanics\u2063 of the Price\u2062 Cap<\/h3>\n<p>The price cap was set at $60 a barrel \u200dfor Russian crude oil exports in December, \u2063significantly lower than the \u200c$100 price Russia \u2063was \u2063experiencing after the invasion. The\u200c cap operates by prohibiting companies in coalition countries \u2063from providing maritime services for shipments \u2064of Russian\u200d oil unless the oil is sold\u2062 below the cap.<\/p>\n<p>Recent reports and shipping data have raised doubts about the effectiveness of\u2063 the price cap. Data from commodities firm Argus Media and other trading houses \u2062indicate\u200c that Russia&#8217;s \u200bflagship \u2062Urals grade crude was\u2062 shipped above\u200c the $60 cap in\u200c July. Additionally, the Urals discount relative to Brent crude has\u2064 narrowed to $20 per barrel, about half of what it \u2063was in January, just one month after the cap was implemented.<\/p>\n<p>Despite these\u2064 concerns, Treasury officials\u200c remain\u2063 optimistic \u200cabout the success of the \u2064price\u200b cap. They argue that it has contributed to broader efforts to counter Russia&#8217;s aggression while promoting macroeconomic stability.<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\">CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>said that the Russian oil price cap has effectively hindered the Kremlin&#8217;s war revenue and ensured the availability of supplies. However, they acknowledged that recent trading house data indicates that the barrels are being sold at prices exceeding the $60 limit. The officials made these statements during a press briefing on Thursday.<\/p>\n","protected":false},"author":1,"featured_media":1989432,"comment_status":"open","ping_status":"closed","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":[538],"tags":[],"class_list":["post-1989431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"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\/1989431","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=1989431"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1989431\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1989432"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1989431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1989431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1989431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}