Much has been confused since the European Union imposed an oil embaro on Russia on December 5 last year and joined forces with the G-7 countries and Australia to impose a price cap of $60 on Russian oil exports to other countries.
It is now clear that the embargo with the cleverly combined price cap was in the interests of its inventors. It is also evident that Russia will inevitably suffer losses as a result of this sanction. Putin’s empire has to sell its main Urals oil for as much as $40 a barrel, while the European oil costs $80.
