2022-11-25 14:22:45

The West is struggling to set an oil price cap that hurts Russia

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CNN
By Julia Horowitz

London CNN Business —

Allies of Ukraine want to put a price limit on Russian oil. But theres a problem: They cant agree on a number that would actually pile pressure on the Kremlin.

The Wests biggest economies agreed earlier this year to cap the price of Russias most valuable export and vowed to hash out the details by early December. The move is aimed at reducing inflows to President Vladimir Putins war chest without adding to stress on the global economy by further reducing the supply of energy.

But as the deadline approaches, countries are still haggling over where the cap should be set.

Media reports this week from a gathering of European diplomats indicated that Russian oil could be capped at between $65 and $70 per barrel. Yet this range is controversial, since its close to the current market price of Russian crude. That would mean limited disruption to supply, but also limited pain for Russia.

At this price point, its about inflation reduction instead of Russian revenue reduction, said Helima Croft, head of commodity strategy at RBC Capital Markets.

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