G7 nations pledge system to cap Russian income from oil sales
Finance ministers from the Group of Seven industrial powers on Friday pledged to impose a cap on the price of Russian oil in a bid to limit the Kremlin’s revenues and ability to fund its war in Ukraine, while also curtailing the war’s impact on energy prices and inflation.
And if Russia refuses to cap price, guess what? No Gas for you Europe!
The decision follows discussions at the group’s summit earlier this year and aims at solving one of the vexing problems with sanctions against Russia: Global oil prices have risen on fears of restricted supply, which has only fattened the Kremlin’s take.
And whom started this fears? Biden! So Biden is fattening the Kremlin’s oil revenue.
The measure — pushed by U.S. President Joe Biden — could work because the service providers are mostly located in the European Union or the U.K. and thus within reach of sanctions. To be effective, however, it would have to involve as many importing countries as possible, in particular India, where refiners have been snapping up cheap Russian oil shunned by Western traders.
Which won’t Happen.
Any threat against Nuclear Power India will only push India Closer to Russia/China. (Which might be exactly what Biden wants.)
Russian Deputy Prime Minister Alexander Novak has said Russia will refuse to sell oil to countries or companies that observe the cap.
And with winter in Europe coming soon, the media there is already reporting those EU are telling citizens to be ready for limits on energy usage this winter.. including heating homes in the dead of winter.
Friday’s G7 statement said the group encourages other oil-producing countries to increase production in order to decrease volatility in energy markets.
I recall Biden begging the Saudis for more oil, and they LAUGHED in his face.
Why lower oiler prices, when it is exactly where they want it… as high as possible!
The coffers of the Saudis is getting replenished.
As for Iran…. give us nuclear weapons capabilities and stop the sanctions against us (terrorist state) and we might give you some oil.
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