UK Treasury Secretary urges G7 to set ceiling on Russian oil prices

UK Treasury Secretary Nadeem Zahavi supported the idea of ​​introducing a ceiling on Russian oil exports, expressing hope that the G7 will agree to this measure at a meeting scheduled for Friday, September 2.

The Minister stated this during a speech at the American Enterprise Institute today, Thursday. “The main reason I’m in the United States is to negotiate a price cap.” “Tomorrow there will be an important meeting of the G7 finance ministers and I hope we can issue a statement that we can move forward with setting this rate at the appropriate time,” he added.

The Minister stressed that London and Washington have a common position on this issue. He added: “This is the right move, which means we are protecting our citizens from oil price spikes in the coming year and beyond.”

White House National Security Council strategic communications coordinator John Kirby said earlier that G7 finance ministers would discuss the possibility of cutting Russian oil export revenues at a meeting on Friday.

The embargo imposed by the European Union and the United States on the purchase of Russian oil led to a sharp increase in prices, which allowed the Russian Federation to redirect large volumes of raw materials to other markets, primarily India and China, and even increase revenues, despite selling and supplying less oil.Prices with discount.

On the other hand, the European Union and the United States suffer against this background both from losses and from side effects in the form of rising inflation.

During the G7 summit, held in late June, a statement was adopted, which contained promises to consider the possibility of lowering the price of Russian oil by banning the provision of delivery services if the cost of raw materials exceeds the price ceiling “agreed by international partners.” .

For his part, Deputy Prime Minister of the Russian Federation Alexander Novak called these steps another attempt to interfere in market mechanisms, which, in his opinion, could lead to market imbalances, a shortage of energy resources and rising prices.

Source: TASS

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