Under US pressure, EU agrees to cap Russian oil price – Mish Talk

Arguing about the cap

The EU has agreed to scrap its plan to not insure tankers carrying Russian oil in favor of a Biden-sponsored plan to cap the price of oil.

The insurance plan was absurd. Russia would have exported oil in uninsured tankers. The only losers would be Western insurance companies.

Today, the US and the EU are arguing over where the cap is set. Poland wants the $20 limit, and the Biden administration is considering limits up to $70.

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