Setting a cap on oil from Russia is the most effective way to limit Moscow’s revenue from energy exports. This was stated on August 31 by White House press secretary Karine Jean-Pierre during a regular briefing.
“This issue will be discussed further at the meeting of G7 finance ministers this week,” she said.
According to Jean-Pierre, the introduction of an oil price ceiling will be the most effective way to “hit” Russia’s revenues, as Moscow continues to look for new markets for energy resources.
Earlier in the day, US National Security Council Strategic Communications Coordinator John Kirby said G7 finance ministers would discuss capping oil prices from Russia on September 2.
Prior to this, on August 24, Bloomberg reported that Russia offered a number of Asian countries long-term contracts for oil supplies at a deep discount in order to counteract the initiative of the G7 countries to set a ceiling on energy prices.
On August 20, Russian Deputy Foreign Minister Alexander Pankin said that Russia would not sell its oil if it would be at a loss to the country’s economy.
The fact that the countries of the G7 group intend to introduce a ceiling on oil prices from Russia by December 5 became known earlier, on July 27. It was noted that the leaders of the G7 want to limit the price of oil from Russia in such a way that they exceed the cost of production, but at the same time be below current market prices.
Western countries have stepped up sanctions pressure on Moscow in response to a special operation to protect the civilian population of Donbass, which began on February 24. The special operation began against the background of the aggravated situation in the region in mid-February.
For more up-to-date videos and details about the situation in Donbass, watch the Izvestia TV channel.
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