The Biden Administration's recent decision to extend a license allowing Russia to facilitate $14 billion in oil sales through the U.S. financial system has drawn criticism amid ongoing tensions with Ukraine. This decision comes as the G7's $60 per barrel price cap on Russian oil appears increasingly ineffective, with reports indicating that a significant portion of Russian oil tankers lack insurance, undermining the cap's enforcement. Concurrently, Ukrainian drone strikes have targeted Russian oil refineries, exacerbating the situation by causing diesel prices within Russia to rise almost 10%. Critics, including members of Congress, argue that these policies are counterproductive, inadvertently supporting Russia's military efforts while claiming to stand with Ukraine. Over 800 tankers are now part of a 'shadow fleet' evading sanctions.
Russian Oil Price Cap Failing! | Russia is Losing in the Black Sea but Winning on the High Seas? 1️⃣800 ships in the #DarkFleet 2️⃣Parallel fleet structure 3️⃣Does @DeptofDefense have the ability to enforce oil sanctions? https://t.co/yBnNhutiT6
The Price Cap on Russian Oil – Part 1: Increased OFAC Enforcement https://t.co/5Ob8s634nQ @FT https://t.co/zL16J7G17Y
President Biden, while we stand with Ukraine, the G7 oil price cap is failing and filling Russia's coffers. With 800 tankers now in a shadow fleet, it's time to tighten our policies, not let them slip through the cracks. The supplemental funding passed by Congress last week is…
Given that more than 3/4ths of the tankers transporting Russian crude oil this year have no known insurer, the G7 $60/barrel price cap on Russia's oil exports is now as good as dead in the water. What ultimately forced Russia to export more crude (and thus preventing >$100 oil)… https://t.co/TVSv6Qoq0e
🛢️🔥 "A wave of Ukrainian drone strikes on oil refineries deep inside Russia achieved the unthinkable — leaving the world’s largest petrostate running low on petrol", - Politico ❗️Diesel prices for Russian consumers have skyrocketed,��rising almost 10% in the past week alone,… https://t.co/AvzeJn3NTc
The Price Cap on Russian Oil – Part 1: Increased OFAC Enforcement https://t.co/5Ob8s634nQ @SPB_Global @FT https://t.co/R1VCngnNgF
The Biden Administration's recent decision to extend a license for Russia to facilitate $14 billion in oil sales through the U.S. financial system is a direct contradiction to its stance on Ukraine. This will inevitably finance Russia's military efforts. How can @POTUS reconcile… https://t.co/vkgBCOWLKN