The former head of the US Treasury criticized the idea of a ceiling on prices for Russian oil
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Former US Treasury Secretary Steven Mnuchin criticized the initiative of the G7 countries to introduce a ceiling price for Russian oil, transmits CNBC channel.
Mnuchin noted that the idea was “not only unworkable, but also the most ridiculous” he had ever heard. According to him, the sanctions that the West imposed on Russia with the start of the special operation in Ukraine would have had a greater effect if they had been implemented before these events.
“Sanctions would have had a big impact then. I think the problem now is that the possibilities are limited. There are countries that are now buying Russian oil in circumvention of US sanctions,” he said, adding that despite the restrictions being introduced, the price of oil will still be determined by the market.
Bloomberg wrote earlier today that the G7 countries are planning to announce on November 23 at what level the price ceiling for Russian oil will be set. Representatives of the countries discussed setting the price ceiling for Russian oil between $40 and $60 per barrel, but the offer could be higher.
The EU price ceiling for crude oil will come into force on December 5, 2022, and for petroleum products on February 5, 2023. The European Commission noted that this measure was developed in “close coordination” with the G7 countries.
Speaking at the forumRussian Energy Week» On October 12, Russian President Vladimir Putin again stressed that energy supplies to those countries that approve the price ceiling would be cut off. Before that, he repeatedly said that the introduction of restrictions would lead to an increase in energy prices. During the Eastern Economic Forum (EEF), Putin said that the idea of imposing a price ceiling on energy resources is “nonsense and nonsense.”
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