MontyPython
Dorothy Mantooth is a saint!
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- Jun 28, 2019
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Oil price cap is a joke. So Russian oil that is sold to one jurisdiction and refined, then resold to the EU/US is no longer considered Russian oil and can be sold above the price cap. How is this good for the consumers in The West? Instead of us being able to buy directly from Russia, we have a middle man that will tack on their own markup and sell it to us. Just stupid.
OFAC Preliminary Guidance on Implementation of the Price Cap Policy for Petroleum Products of Russian Federation Origin
Once Russian petroleum products or Russian oil are substantially transformed (e.g., subjected to any of the refining processes listed below) in a jurisdiction other than the Russian Federation, they are no longer considered to be of Russian Federation origin, and thus the price cap no longer applies: distillation (crude – atmospheric, crude – vacuum), thermal processes (delayed coking, fluid coking including flexicoking, visbreaking), catalytic cracking (hydrocracking, fluid catalytic cracking), catalytic reforming, catalytic hydrotreating (desulfurization), alkylation, isomerization, solvent extraction (de-asphaltizing, lube solvent extraction), de-waxing, or other refinery processes involving chemical transformation, separation, conversion, or treatment.
Joke's on you babe.
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