Latest Humiliation For Biden Admin, Russian Oil Is Trading Above The G7 Price Cap Everywhere

"Back in late 2022, when "Western democracies" bombastically unveiled theatrical sanctions against Putin, capping the price at which imports of Russian oil were permitted to no higher

than $60, we said that this was one of the biggest farces in modern history, not only because it was an optical play that was made entirely for public consumption (as nobody in the west actually wanted to curtail Russian oil exports as the outcome would be a devastating surge of inflation as Biden now realizes), but also because there was no enforcement mechanism to cap the price at $60 and no more.
We were right, again, and today Bloomberg reports that "Russian oil is trading far in excess of a Group of Seven price cap that’s supposed to deprive Moscow of revenue for its war in Ukraine, suggesting significant non-compliance with the measure", which anyone with half a working brain would have expected to happen, which of course excludes virtually all "democratic" bureaucrats who implemented this idiotic sanction (which only ended up making the Vitol oil traders billionaires). Russian flagship Urals grade oil is now selling for $75 a barrel at the point it leaves ports in the Baltic Sea and Black Sea. A Treasury official told Bloomberg that US officials are tracking the price increase, which they attribute to broader geopolitical dynamics, as the alternative - admitting they are idiots, would be a bit too introspective." ZeroHedge