A recent price cap on Russian oil at $60 a barrel, set by a number of western nations (namely the United States), has been rendered ineffective by China and India. The two countries have purchased a vast majority of available Russian oil at prices higher than the $60 price cap throughout much of April. This cap was originally put in place by key western countries in an effort to weaken Russia as it continues to invade Ukraine, but not all countries have signed it, including China and India. The cap was originally going to be enforced through tariffs and penalties, but it is yet to be seen whether the countries that promised these responses actually follow through.<\/p>\n\n\n\n
The actions of India and China are a clear example of why the West is having such a hard time with forcing the Russian Economy to collapse. Because of the sheer size of Russia and it’s various exports, which large parts of the world rely on, it has become increasingly hard for certain countries to abide by restrictions, as they must decide whether to prioritize an alliance with the United States over an alliance with the local danger, Russia. India in particular is in this exact situation, as it imports vast amounts of energy (oil) and weapons from Russia, so cutting ties would start to harm the Indian economy. On top of this, western nations like the United States have failed to scale production of anything in order to match the increased demand, so India is essentially forced to keep importing from Russia.<\/p>\n\n\n\n
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Link to article: https:\/\/www.reuters.com\/business\/energy\/india-china-snap-up-russian-oil-april-above-price-cap-2023-04-18\/<\/p>\n\n\n\n
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A recent price cap on Russian oil at $60 a barrel, set by a number of western nations (namely the United States), has been rendered ineffective by China and India. The two countries have purchased a vast majority of available Russian oil at prices higher than the $60 price cap throughout much of April. This cap was originally put in… Read more »<\/a><\/p>\n","protected":false},"author":235,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5424","post","type-post","status-publish","format-standard","hentry","category-analysis-post"],"_links":{"self":[{"href":"https:\/\/baileyonlineclassroom.com\/southandcentralasiablog\/wp-json\/wp\/v2\/posts\/5424","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/baileyonlineclassroom.com\/southandcentralasiablog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/baileyonlineclassroom.com\/southandcentralasiablog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/southandcentralasiablog\/wp-json\/wp\/v2\/users\/235"}],"replies":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/southandcentralasiablog\/wp-json\/wp\/v2\/comments?post=5424"}],"version-history":[{"count":1,"href":"https:\/\/baileyonlineclassroom.com\/southandcentralasiablog\/wp-json\/wp\/v2\/posts\/5424\/revisions"}],"predecessor-version":[{"id":5425,"href":"https:\/\/baileyonlineclassroom.com\/southandcentralasiablog\/wp-json\/wp\/v2\/posts\/5424\/revisions\/5425"}],"wp:attachment":[{"href":"https:\/\/baileyonlineclassroom.com\/southandcentralasiablog\/wp-json\/wp\/v2\/media?parent=5424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/southandcentralasiablog\/wp-json\/wp\/v2\/categories?post=5424"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/southandcentralasiablog\/wp-json\/wp\/v2\/tags?post=5424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}