French government official suggested lifting part of sanctions on countries to supply blocked offer to Russia
An official linked to the French government of Emmanuel Macron suggested that the West negotiate a reopening of the oil market for exporters like Iran and Venezuela. The countries are the target of economic sanctions and the sale of commodity embargoed by the United States and other countries. The information is from the Reuters agency.
The review would be a way to get around the volatility of oil supply with the war in Ukraine, at a time when the EU (European Union) plans a strategy to cut 90% of Russian oil imports by the end of 2022.
“There are resources elsewhere that need to be explored“, said the official, on condition of anonymity, during the G7 summit on Sunday (26.Jun.2022) in Schlöss Elmau, southern Germany.
In March, the White House said it had opened negotiations with the Venezuelan government to resume the purchase of oil, suspended since 2019. Since then, there have been signs of a relaxation of economic restrictions imposed under the regime of President Nicolás Maduro.
In the case of Iran, according to the French official, the impasse is fueled by the lack of consensus on the review of the new Iran Nuclear Agreement, whose talks have been stagnant since March. “So there’s a knot that needs to be untied […] for Iranian oil to return to the market“, he stated.
For now, the solution proposed by the French delegation is to stimulate an increase in oil supply among producing countries and create a mechanism to limit the price of oil.
“We want to consolidate the position of buyers to be in a better position against Russia”, said another French government official.
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