Russia's central bank just issued a warning about 'new economic shocks,' and it shows the new $60/barrel cap on oil is working
Business InsiderNov 24, 2022
The Facts
On Friday, 28 oil tankers were waiting to cross the Bosporus and Dardanelles, with Turkey citing the ships' lack of insurance papers as the reason for the logjam.
This comes as the G7 countries, EU, and Australia have all agreed to bar shipping services, such as insurers, from allowing Russian oil exports unless it's sold at a low or capped price to deprive Moscow of wartime income.
The Spin
Establishment-critical narrative
While the US and Europe seek to pressure Turkey into obeying their rules rather than its own, the truth is that this new insurance verification procedure is aimed at preventing Russia from circumventing sanctions. If Western powers want to deprive Putin of oil revenue, they should be applauding the prudent move by Ankara.
Pro-establishment narrative
Since this is Kazakh oil and not Russian, there should be no issue here. With shipping companies claiming Turkey is asking for above price cap commission — putting them at risk of facing sanctions — the US and its allies have stepped in to resolve the issue and get oil moving westward again.