The Ridiculous Reality Of The "Russian Oil Price Cap" Debate In One Picture | ZeroHedge
By Mish Shedlock of MishTalk Bloomberg reports EU Talks Stall Over Price Level for Proposed Russian Oil Cap The EU’s executive arm proposed a level of $65 a barrel, which Poland and the Baltic nations rejected as being too generous to Moscow, the people said. But several countries with major shipping industries, including Greece, don’t want to go below $70, the upper end of the range put forward by the EU earlier Wednesday. $70 is about where Russian oil known as Urals trades right now. Reuters reports EU Split on Russian Oil Price Cap Level, Talks to Resume Thursday Enforcing the Cap The kicker is amusing: "EU diplomats said most EU countries, with G7 members France and Germany taking the lead, were supportive of the price cap, worried only about the ability to enforce it." This brings us back to how any economist can possibly think such a cap might work. The Incentive to Cheat For further discussion of the obvious that many economists refuse to see, please consider the Carnegie artic
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### Response: By Mish Shedlock of MishTalk Bloomberg reports EU Talks Stall Over Price Level for Proposed Russian Oil Cap The EU’s executive arm proposed a level of $65 a barrel, which Poland and the Baltic nations rejected as being too generous to Moscow, the people said. But several countries with major shipping industries, including Greece, don’t want to go below $70, the upper end of the range put forward by the EU earlier Wednesday. $70 is about where Russian oil known as Urals trades right now. Reuters reports EU Split on Russian Oil Price Cap Level, Talks to Resume Thursday Enforcing the Cap The kicker is amusing: "EU diplomats said most EU countries, with G7 members France and Germany taking the lead, were supportive of the price cap, worried only about the ability to enforce it." This brings us back to how any economist can possibly think such a cap might work. The Incentive to Cheat For further discussion of the obvious that many economists refuse to see, please consider the Carnegie artic