Former US Treasury Secretary: The idea of ​​capping Russian oil prices is absurd

Former US Treasury Secretary Steve Mnuchin called the plan of the G7 countries to set a ceiling on Russian oil prices “a ridiculous idea.”

“This plan is not only unrealistic, but I think it’s the most ridiculous idea I’ve ever heard,” Mnuchin told CNBC.

“Then the sanctions would have had a big impact. And I think the problem right now is that the options are limited… There are parts of the world that are buying Russian oil regardless of US sanctions,” he added.

He pointed out that the imposition of sanctions due to high prices would exacerbate the situation.

It is noteworthy that the G7 countries agreed to set a ceiling on prices for Russian oil from December 5, but did not specify this ceiling. Forecasts indicate that the ceiling could be around $60-65 per barrel of oil.

Source: CNBC.

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