It is 'the right message at the right time,' Irish Finance Minister Paschal Donohoe said of the oil price cap. But many market participants remain wary.
The EU, alongside the G-7 and Australia, agreed on Friday to limit the purchases of Russian oil to $60 a barrel as part of a concerted effort to curtail Moscow's ability to fund its war in Ukraine.
However, Russia has already said it will not sell oil to nations complying with the cap and that it is ready to cut production to maintain its revenues from the commodity.that it has been putting together a fleet of about 100 vessels to avoid oil sanctions. Having its own so-called "shadow fleet" would allow the Kremlin to sell its oil without needing insurance from the G-7 or other nations.
The level of the cap will be reviewed in early 2023. This revision will be done periodically and the aim is to set it "at least 5% below the average market price for Russian oil," according to the agreement reached by EU nations last week.
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