💰 Russia's central bank just issued a warning about 'new economic shocks,' and it shows the new $60/barrel cap on oil is working

TL;DR

Despite the Kremlin's general skepticism over the West's myriad economic sanctions, analysts at the country's central bank foresee "new economic shocks," thanks to a $60 per barrel price cap on Russian oil and the European Union's ban of the country's crude.The two measures could "significantly reduce" Russia's economic activity in the coming months, analysts at Russian central bank's research and forecasting department said in a report on Wednesday.The uncertainty posed by the sanctions and restrictions came just as Russia's economy overcame a "short-term decline" caused by President Vladimir Putin's partial mobilisation of men for the Ukraine war in October, according to the central bank.Alexander Novak, the deputy prime minister said on Sunday the price cap an "interference" that could cause "destabilization, shortages of energy resources and reduction of investment" in the market, according to TASS, another state-owned news agency.The price cap is already causing shipping disruption — oil tankers are piling up off the coast of Turkey because Ankara is demanding paperwork that the vessels are fully insured, the Financial Times reported on Monday."

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