CNBC has been forced to admit that the sanctions on Russian oil have been a total and complete failure.
RT:
Sanctions imposed by the West on Russian crude oil exports have so far “failed completely,” and new price caps could also prove ineffective, according to a CNBC report on Friday, citing analysts.
The report comes as the European Union plans to ban imports of Russian refined petroleum products, including diesel and jet fuel, from February 5.
The bloc had already prohibited imports of seaborne crude oil from Moscow in December. The EU, G7 countries, and Australia have also set a $60-per-barrel price cap, which blocks Western companies from providing insurance and other services to shippers of Russian oil unless the cargo is purchased at or below the set price.
The price cap “was invented by bureaucrats with finance degrees. None of them really understand oil markets,” Paul Sankey, president and lead analyst at Sankey Research, told CNBC. “It’s been a total bomb; it has failed completely,” he stressed.
The people who devised these sanctions obviously had no idea what they were doing. It was ridiculous to believe that these sanctions would work. They were operating under the delusion that the United States and its allies can just bully the world around like it is the 1990s.
I am not an economist by trade, but if you look at my articles throughout 2022 you will see that I repeatedly said that these sanctions would backfire. I said that they would cause major problems for Western economies and Europe in particular. It was just obvious that this would happen and these people failed to see the obvious.
Russia doesn’t need to sell its energy products to the West. They have many other customers around the world willing to buy their oil including China and India. These are two countries with billions of people.
Right now they are selling their oil to India and the Indians are refining it and reselling the diesel and gasoline to the West at a profit.
Sanctions on Russia are just sending oil to India, they refine it into diesel, gasoline and jet fuel, then export it to Europe and USA. 🤡🌎 pic.twitter.com/DKi5F4lGYE
— Wall Street Silver (@WallStreetSilv) February 3, 2023
It’s just an utterly stupid situation.
With CNBC openly saying that this sanctions program has been a failure you would think they’d reverse course. Unfortunately, we have people in charge who refuse to admit being wrong about anything. They’ll just quadruple down on stupid until they can no longer quadruple down on stupid due to factors out of their control.
