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Imposing price caps on Russian oil ‘could further collapse’ energy markets, embassy warns

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On Thursday, Russian Deputy Prime Minister Alexander Novak lashed out at the G7 plan to put a price cap on Russian oil, warning that Moscow would not supply oil and petroleum products to countries that support the decision.

The Russian embassy in the United States warns of the far-reaching ramifications of an apparently harmful idea of ​​introduction. Russian Oil “Price Cap” Actively promoted by Washington.

In a statement on Friday, the embassy warned that “Western groups obsessed with the goal of ‘choking’ the Russian economy will introduce restrictive measures against ‘cheap and valuable trade’.” He referred to a “painfully familiar situation” being created in At the same time a high quality energy source. “

The embassy went on to say that this “has destabilized global energy markets” and that consumers “are enjoying ‘rewards’ in the form of higher prices for petrol, electricity and other ordinary necessities.” increase.

According to the embassy, ​​”not the desired ‘disruption'” of Russia’s energy sector, “even detractors recognize the confident dynamics of its development.”

“This situation is forcing Washington to declare a new goal head-on: to prevent a shortage of Russian oil on international markets while minimizing the revenues of the Russian budget. To implement, an anti-market concept was invented to introduce a “price cap” for energy carriers,” the statement emphasized.

A Russian diplomat said that after the Biden administration “integrated voluntary ‘innovation’ into the docile ranks of the G7, Washington sought to impose the idea of ​​a ‘price cap’ mechanism “through trickery and sometimes intimidation.” ” he pointed out. About the “third” country.

“But the use of such means instead of fantastically cheap resources only threatens to further collapse oil markets already struggling to recover after the COVID-19 pandemic. It is under constant pressure from lobbyists to promote a charged ‘green’ transition,” the embassy said.

According to a Russian diplomat, Moscow “does not intend to sell oil at a loss” and “does not work in non-market conditions”. The embassy stressed that Russia “deservedly enjoys a reputation as a reliable exporter of high-quality energy sources,” adding that it “always accepts cooperation, but on the premise that it is mutually beneficial.” I am,” he emphasized. Russian embassy staff urged Washington to “change its mind and refrain from imposing completely counterproductive initiatives.”

The statement came after White House spokesperson Carine Jean-Pierre told reporters on Thursday that G7 finance ministers would discuss the Biden administration’s proposed price ceiling for Russian oil at a meeting on Friday. rice field.

She argued that introducing a price cap was “the most effective way.” […] hit hard [Russian President Vladimir] Putin’s revenues and doing so would not only reduce Putin’s oil revenues, but global energy prices as well.”

In July, the International Energy Agency announced that Russia’s export earnings in June were up $700 million month-on-month on higher prices, 40% above last year’s average.

Oil barrels on dollar bills - Sputnik International, 1920, July 19, 2022

Yellen urges Seoul to back US pressure for Russian oil price cap

Also on Thursday, Russian Deputy Prime Minister Aleksandr Novak warned that the idea of ​​capping Russia’s oil prices was “totally absurd” and said that if such a decision were made, Russia would be forced to “oil and petroleum.” We will not supply the product,” he warned. Countries that impose price caps “because we don’t work in non-market conditions.”

Over the past few months, Western powers have imposed sanctions on Russia in retaliation for its ongoing actions. Special military operations in Ukraine Food and energy prices soared, triggering record-high inflation in some countries, including the US and the UK.



https://sputniknews.com/20220902/imposing-price-cap-on-russian-oil-threatens-to-further-collapse-energy-market-embassy-warns-1100296141.html Imposing price caps on Russian oil ‘could further collapse’ energy markets, embassy warns

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