FRANKFURT, Germany (AP) — For months after Ukraine's Western allies limited sales of Russian oil to $60 per barrel, the price cap was still largely symbolic.
That time has now come, putting the price cap to its most serious test so far and underlining its weaknesses.
But most of that, economists say, stems from Europe's ban on Russian oil, which cost Moscow its main customer.
They're accused of carrying Russian oil priced at $75 and $80 per barrel while relying on U.S.-connected service providers.
“The price cap is working,” says Nataliia Shapoval, vice president for policy research at the Kyiv school.
Persons:
—, Benjamin Hilgenstock, Vladimir Putin, ” Hilgenstock, P Global Platts, It's, They're, “, ”, Viktor Katona, haven't, Alexander Novak, Putin, Novak, Europe —, Craig Kennedy, doesn't, Nataliia Shapoval, Shapoval, Josh Boak
Organizations:
Kyiv School of Economics, International Monetary Fund, U.S . Treasury Department, Stanford University, ”, Russia ”, Research, Energy, Clean, P Global, Russia, U.S . Treasury, United Arab Emirates, Treasury, Radio Business, Harvard’s Davis Center for Russian, Studies, Kyiv, Stanford, Tanker
Locations:
FRANKFURT, Germany, Ukraine, Israel, Russia, Ukrainian, U.S, Moscow, Helsinki, Saudi Arabia, Europe, Kozmino, Turkey, India, Russian, Asia, Washington, russia, ukraine