The crude cap is due to come into force on 5 December
US seeks to reassure over Russia price cap
The looming move threatens additional uncertainty and risk for the energy markets this winter
The proposed price cap on Russian crude and products is “innovative, and very different from typical sanctions measures”, Ben Harris, assistant secretary for economic policy at the US Department of the Treasury, told the Energy Intelligence Forum in London. And there has been considerable “misunderstanding” over the plans, he suggests. Russia benefitted from inflated prices after its invasion of Ukraine, and the EU subsequently imposed packages of restrictions in response. The price cap should be seen as a “release valve” or extension to the sixth sanctions package, Harris explains, although the EU has since announced a total of eight such packages. The intention is to “preserve the trade of
Also in this section
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
19 November 2024
Energy minister says country is delaying first oil production until pipeline and refinery are ready
