Confused on Russia price capThis is confusing but the way I read the new price cap of $65 to $70.00 is that EU countries can purchase tanker delivered oil from Russia at $65 . The C7 nations control all the insurance companies that insure the tankers. IAcourse everyone will want to purchase this oil. China and India have been buying Russian oil at this price for several months.
So if someone bids higher for the oil say $72 then the C7 Nations won't insure the shipment so there is no delivery at higher prices.
But China and India have been buying this oil so why would Russia agree to sell to the EU when Russia is trying it's best to freeze all the EU with no heat this winter. Nothing will really change as China and India will just continue to buy up all the Russian oil just like they have been doing. I don't see anything being different than what it already is.