Financial Times: Russian Oil Price Ceiling Will Exacerbate Crisis

MOSCOW, 7 Sep — PRIME. If the G7 countries agree on a price ceiling for Russian oil, this could seriously aggravate the energy crisis, according to the Financial Times.

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1 Financial Times finds out where Europe’s electricity prices are highest

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Financial Times finds out where Europe’s electricity prices are highest

“It will be hard to find a single oil analyst outside the US government who believes the price cap plan will work as intended,” the newspaper wrote.

The author of the article is confident that the G7 plan is a huge gamble and could backfire.

The publication believes that a drop in the supply of Russian oil, similar to that which was under OPEC +, will lead to a frenzy in the oil markets.

The heads of the G7 finance ministries on September 2 confirmed the plan to introduce a “price cap” on oil from Russia and called on all countries to join the initiative. Earlier, European Commissioner for the Economy Paolo Gentiloni said that the EC’s goal is to introduce a price cap in accordance with the deadlines agreed under the sixth EU sanctions package, that is, December 5, 2022 for crude oil and February 5, 2023 for petroleum products.

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Russian President Vladimir Putin, commenting on the idea to limit prices for Russian energy resources, said that the West is now in no position to dictate its terms to Russia.