New Western measures aim to turn up the heat on Putin’s oil revenues. Analysts are underwhelmed

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The West’s latest attempt to ramp up its oil war against Russia may cause some market dislocation, but some energy analysts remain far from convinced that the restrictions will constitute a “transformative event.”

An EU ban on Russian oil product imports came into effect on Feb. 5, following similar restrictions on EU crude oil intake, implemented on Dec. 5. The Group of Seven industrialized countries, the European Union and Australia on Friday set a ceiling for the price at which nations outside of the coalition may purchase seaborne Russian diesel and other refined petroleum products and still benefit from Western shipping and financial facilities.

The price cap coalition, which is composed of Australia, Canada, the EU, Japan, the U.K. and the U.S., seeks to deplete Russian President Vladimir Putin’s war chest amid Moscow’s ongoing hostilities in Ukraine.

The EU and its G-7 allies said last week that they had set two price caps for Russian petroleum products — one is a $100-per-barrel cap on products that trade at a premium to crude, like diesel, and the other is a $45 cap for petroleum products that trade at a discount to crude.




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