The United States, together with its allies and partners, intend to finalize and implement the initiative to introduce a ceiling on prices for Russian oil. This was stated on Thursday, October 6, by US Treasury Secretary Janet Yellen during a speech in Washington.
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According to Yellen, the restriction is aimed at the flow of oil from Russia to world markets at low prices, beneficial to countries with middle and low incomes.
She also added that the measure supposedly should affect the decline in income of the Russian Federation.
Earlier on Thursday, Russian Deputy Prime Minister Alexander Novak noted that Moscow needs to legally evaluate the content of the eighth package of anti-Russian sanctions by Brussels before talking about the timing of the introduction of retaliatory measures.
On the same day, the European Union agreed on the eighth package of sanctions against Russia. In particular, it includes a legislative framework that allows a price ceiling to be set for maritime shipments of Russian oil to third countries. The price limit will be introduced on December 5 for oil and on February 5, 2023 for petroleum products.
On September 22, Yellen pointed out that Europe’s refusal of Russian energy carriers threatens the continent with a harsh winter. But the price cap on Russian oil planned by the West is already in place.
Russia must now offer “huge discounts” to China and India to sell its oil, she said. So, in her opinion, the effect of sanctions is manifested.
In early September, Russian President Vladimir Putin, commenting on the West’s idea to limit prices for Russian energy resources, said that Russia would not supply anything abroad if this would be contrary to its own interests. The head of state stressed that in the event of restrictions on energy prices from the Russian Federation, the West would face a complete halt in supplies from the country.
Western countries have stepped up sanctions pressure on Moscow against the backdrop of a special operation to protect Donbass, the beginning of which the President of the Russian Federation announced on February 24. However, this has already turned into economic problems in Europe, causing a sharp rise in fuel and food prices.
For more up-to-date videos and details about the situation in Donbass, watch the Izvestia TV channel.
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