Make-believe economics: Russian oil capped by G7 at $60 a barrel - UK Column News - 5th December

https://www.ukcolumn.org/video/uk-column-news-5th-december-2022

• Mainly to be done through licensing requirements: insurance will insist on the cap, not governments directly
• Also implemented by Australia and the European Union
• Britain has effected it through secondary legislation
• Chancellor (finance minister) Jeremy Hunt vows unwavering continuance in this policy
• OPEC+ (including Russia) decides to keep oil production unchanged
- DailyFX: Crude oil prices today and monthly—oil prices going up are feeding inflation, which is government policy
- Mike Robinson: Long-term implications remain to be seen
- Council of the EU statement sneaks in an emergency clause to give it a free hand for member states still to pay market price to for Russian oil at the behest of approved disaster prophets
Kremlin spokesman Peskov: We have other markets
- David Scott analysis: This may be a huge boost to the Russian insurance market—God did not give the City of London a monopoly—and a boon to smugglers
Brian Gerrish commentary: Weekend press suggests India may be allowed to relabel Russian oil; did the West lean on Delhi?