Western governments have struggled with the challenge of reducing Russia’s oil-export revenues, because the impact of their boycotts is offset by higher prices and purchases elsewhere. By establishing a buyers’ cartel to impose a price cap on Russian crude, the West could achieve its goal with the support of oil importers everywhere, skriver Anders Åslund, senior fellow på Frivärld.
”The initial idea was that the West would stop importing Russian oil. But because Russia accounts for roughly 11% of global oil production, Western attempts to reduce oil imports from Russia led to sharp price hikes on the world market, allowing Russia to earn more from its oil exports, while delivering smaller volumes.”
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