Russia resistant to economic pressure imposed by sanctions CanadiansInvest
The European Union continues its work to fine-tune the proposal to set price caps on Russian oil products. Last Friday, EU ambassadors strove to reach a broad agreement on the issue but could not. They are now scheduled to continue their deliberations this week. There are indications that the EU would be able to strike a consensus over the issue during the week.
Working to arrive at a consensus is not that simple. Setting a price cap on Russian oil products could be much more disruptive than halting crude purchases, says Julian Lee of Bloomberg. The U.S. Treasury Secretary, Janet Yellen, conceded last week that setting up the new price caps had proven “more complicated” than for crude, given the range of refined products and price structures and the importance of ensuring continued supplies of Russian diesel to the market.
But there is a flip side to the possible sanctions on Russian fuel export. If European buyers cannot find alternative supplies, the sanctions would heap new costs on diesel-reliant industries such as farming and road haulage and make it harder for governments to rein in inflation, the Washington Post reported in a recent piece.
Moscow is also working to ensure its tax income from sales of crude and fuel. This tax helps Russia manage its budget, especially at a time when it needs more petrodollars to finance its war machinery.
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