US Treasury: Establishing a price ceiling for Russian oil will ensure the supply of cheap fuel

US Treasury Secretary Janet Yellen said capping Russian oil prices would ensure cheap fuel from Russia reaches world markets and prevent supply disruptions.

“The price cap will encourage the flow of cheap Russian oil to world markets and is designed to help protect consumers and businesses from global supply disruptions,” she added, saying the price cap is especially beneficial for low- and middle-income countries.

She pointed out that the new price for Russian oil was set at a level “previously approved by Russia”, which is similar to the selling price of Russian oil before the start of the Russian military operation in Ukraine.

Earlier, US State Department Chief Economist Emily Blanchard acknowledged the possibility of adjusting the ceiling set for the price of Russian oil if the set goals are not achieved.

This is happening against the backdrop of an agreement between the G-7 countries and Australia to set a price ceiling for Russian oil at $60 per barrel.

The European Union also agreed to set a price ceiling for Russian oil at the same level.

It is noteworthy that the Kremlin has repeatedly confirmed that Russia will not sell its oil and gas to countries that will set a price ceiling.

Source: RT

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