This is a CBSI and the world. I'm John Bachelor. The Russian Economy under sanctions.

I welcome my colleague Michael Bernstom at the Hoover Institution, my guide on the Russian

economy on energy and on currency.

We begin with a report in the New York Times.

Current and former U.S. Treasury officials want the

administration to go further than the $60 cap now on Russian oil and

target the Shadow Fleet tankers with specific penalties that could restrict their

sales or force them out of commission.

Michael, the Shadow Fleet, it's large, it's somewhere between 90 and 120 ships.

However, oft times we've reported that it's been either

elbowed aside or not adequate.

And now Treasury is saying no it's more considerably

significant than we believed and we need to do something about it however they've

always been moderated in their approach because they don't want to damage the global price of oil.

So what is it they're proposing to do now about the Shadow Fleet and about that $60 cap. Good evening to you.

Good evening to you, the most important fact to keep in mind, the background fact, about the Shadow

Fleet is that it is seaborn oil shipments as opposed to but pipeline oil shipments.

And because of the European embargo on the Russian oil exports, which with a few exemptions of small countries, Hungary,

Hungary, Landla countries, Hungary, Slovakia, and Czech, yeah? The Russians cannot sell

much oil by pipelines to China less than 1 million barrels per day.

So the importance of sea war in fleet which sells oil around the world has increased since the

beginning of the war and especially since the embargo of the sanctions on oil since the end of 2022. Now because of the

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