FT columnist Sandbu calls US idea to cap Russian oil prices unsuccessful
Columnist Martin Sandbu in an article for the Financial Times named unsuccessful US idea to limit the price of Russian oil. In his opinion, such a proposal only emphasizes the dependence of the West on these raw materials.
The author of the article pointed out that the containment of energy prices could upset the market equilibrium. He added that Brent crude is currently trading at around $98 and around $90 for December or January deliveries.
Thus, sellers and buyers of raw materials either do not agree with the US government that sanctions may affect the global oil market, or have already calculated the possible consequences, Sandbu stressed.
“But if you limit the price of oil, then all incentives to save resources will disappear. And this in itself, in addition to the crisis as such, will bring harm,” he concluded.
Earlier, Martin Sandbu said that at the last G7 summit, the United States tried to intimidate the European Union (EU) in order to set a price ceiling for Russian oil, but such a step would not weaken Moscow’s position.
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