Tankers in the fog of war // Yuri Barsukov on how EU sanctions lead the oil market to chaos
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On October 7, the Council of the EU finally imposed sanctions on shipments of Russian oil to third countries, threatening to deprive such shipments of insurance services if they are not carried out under the “price ceiling”. Even leaving aside the fact that the very idea of a price ceiling is incompatible with the basic principles of a market economy, we have to state that so far the EU authorities have not been able to explain to market players how they need to behave in order to continue transporting Russian oil and not fall under sanctions.
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