Oil sanctions are a fail for the West, a win for Russia: The Economist


Source: The Economist

ByAl Mayadeen English

It is argued that Russian oil now sells at a 38% discount per price-reporting agencies, which Treasury Secretary Janet Yellen, who helped devise the price cap, sees as a success that the cap is working effectively.

Russian crude and fuel have been subject to a European price cap with a second round due this month (Reuters)

The price cap is proving to be a flop for the West as the second round of sanctions second round of on diesel and other refined products by the EU is due to take effect on February 5th.

Sales of Russian crude have not decreased as the West had hoped, and shipments have dodged European ports and headed to China and India instead.

In a report byThe Economist, it is stated that this actually goes towards the point of the price cap: to keep Russian crude on…

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