The United States at the last G7 summit tried to intimidate the European Union in order to set a price ceiling for Russian oil. This was written on July 16 by British journalist Martin Sandbu in a column for Financial Times.
According to the author, at the last G7 summit, Washington caught up with fear on partners from the EU, forcing them to mention in one form or another the possibility of setting a limit on the cost of fuel in the final communiqué.
“For many months, the Biden administration insisted that its allies agree to a price cap. But they were skeptical about this idea and did the right thing, ”the journalist emphasized.
He is confident that the US Treasury pursues two goals, which are to reduce Russia’s oil revenues and prevent a strong rise in the price of black gold. At the same time, Europe approved a partial oil embargo and imposed sanctions on maritime insurance operations for Russian oil cargo, he recalled.
The journalist concluded that the US plan may lead to the fact that the volume of oil sold by Russia will fall, but this will be compensated.
“This slight reduction in supply will raise prices so much that Moscow will be able to receive even more income,” he explained.
In addition, the US proposal to limit the price of Russian oil will only underline the dependence of the whole world on this resource.
On July 13, US Treasury Secretary Janet Yellen said that the United States is trying to fix a cost that is profitable for continuing oil production in Russia.
However, the restriction on Russian oil prices, which the West intends to introduce, will further disrupt the global energy supply chain, which will cause global inflation and slow down the recovery of the world economy, said Lin Boqiang, dean of the China Energy Policy Research Institute.
On July 8, Russian President Vladimir Putin, during a meeting with members of the Russian government, said that Russian energy companies should be ready for an oil embargo in the EU sanctions package. He also noted that, despite the enormous sanctions pressure, the Russian fuel sector remains stable, and growth is noticeable in certain indicators.
On July 3, Japanese Prime Minister Fumio Kishida said that a mechanism to limit the price of oil from Russia could cut its price in half.
Western countries decided to reduce their dependence on Russian energy resources against the backdrop of a special operation by the Russian Federation to protect Donbass. In particular, the sixth package of EU sanctions includes a partial embargo on oil. However, all this has already turned into economic problems in Europe, causing a sharp rise in fuel and food prices.
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