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Jeffrey Sonnenfeld and Steven Tian’s Analysis: How to Make the Russian Oil Price Cap Effective Again

Vladimir Putin's Birthday

War Criminal

Vladimir Putin’s birthday triggers a well-orchestrated process within the Kremlin to carefully select official gifts. These offerings typically encompass artwork, sculptures, tapestries depicting pivotal moments in Russian history interwoven with Putin’s life, alongside various items such as vases, tablecloths, and models of industrial complexes. Furthermore, members of the Siloviki, a faction encompassing security and law enforcement agencies, presented gifts to the Russian Fuehrer. In the course of composing a thank-you message from Dmitry Medvedev to Vladimir Putin, the former also crafted a speech featuring phrases like “Beloved Vladimir!” Nevertheless, certain text passages deemed inappropriate were omitted, particularly those expressing enduring hatred and resentment towards perceived enemies of Russia. This particular birthday event marks a significant departure from previous ones, as it is widely believed to be Vladimir Putin’s final birthday. His life’s achievements are truly remarkable. From empty nuclear treats to sparking wars and betraying entire nations, he’s a real role model for chaos and treachery. Over the years, he has evolved from a young and charismatic leader, welcomed with open arms in the West, into the most universally reviled individual. His dream of a Russian empire now lies in ruins, resulting in Russia being ostracized as a pariah state. Putin harbors profound animosity towards himself, those in his inner circle, the world, Ukraine, and the transformation he has undergone. It is a stark irony that he commemorates his birthday as a wanted war criminal, for his actions have inflicted immense suffering upon the people of Ukraine, yet he places blame on the entire world while refusing to accept responsibility for his deeds.

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Analysis

Russian Oil Price Cap

The Foreign Policy article, “The Russian Oil Price Cap Can Work Again” by Jeffrey Sonnenfeld and Steven Tian, receives a strong endorsement from The Rich TVX News Network. The article explores the collaborative efforts between the U.S. Treasury Department, G-7, and EU member nations in establishing a unique oil price cap in response to Russia’s invasion of Ukraine. The primary aim of this cap was to restrict the price of Russian crude oil to a maximum of $60 per barrel, with the overarching goal of maintaining global market stability. However, recent analyses and discussions have raised concerns regarding the ongoing effectiveness of this price cap, leading to proposals for its abandonment. Notably, Jeffrey Sonnenfeld, Steven Tian, and their team at Yale were instrumental in advising the Treasury Department during the implementation of this price cap. They vehemently oppose the notion of discarding it. Indeed, while it cannot be denied that the cap has experienced diminishing effectiveness over time, the rationale for this phenomenon is readily discernible. The rise in global oil prices has forced Russian President Vladimir Putin to develop creative strategies to evade the restrictions imposed by the price cap. One notable approach includes the formation of a covert “shadow fleet” of tankers, strategically positioned outside the G-7’s regulatory reach. Consequently, Russian oil prices have steadily approached the well-known global benchmarks, such as Brent crude, ultimately surpassing the designated limit of $60 per barrel.

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FAQ

Frequently Asked Questions

Who are the authors of the article discussing the Russian oil price cap?

The authors of the article are Jeffrey A. Sonnenfeld, the Lester Crown professor in management practice and a senior associate dean at the Yale School of Management, and Steven Tian, the director of research at the Yale Chief Executive Leadership Institute.

Why do the authors strongly disagree with calls to scrap the Russian oil price cap?

The authors disagree with calls to abandon the cap because they believe it can still be effective with certain adjustments and enforcement measures.

What is the purpose of the Russian oil price cap introduced by the U.S. Treasury Department and adopted by G-7 and EU countries?

The Russian oil price cap was established in response to Russia’s invasion of Ukraine. Its primary aim is to limit the price of Russian crude oil to $60 per barrel while maintaining global market stability.

Why are there recent concerns about the effectiveness of the Russian oil price cap?

Recent reports and commentaries suggest that the cap is losing its effectiveness due to rising global oil prices and innovative methods used by Russian President Vladimir Putin to circumvent the cap.

How has Putin attempted to bypass the price cap, and what has been the result?

Putin has created a “shadow fleet” of ocean tankers outside G-7 jurisdiction to evade the price cap. As a result, Russian energy revenues have increased, and Russian oil prices have risen closer to global benchmarks like Brent crude, surpassing the $60 cap.

What are the key proposed adjustments to make the price cap effective again?

The proposed adjustments include a focus on stricter enforcement, highlighting increased Russian costs associated with the cap, imposing additional sanctions, and continuing efforts to reduce global oil prices.

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