MOSCOW, 15 Sep — PRIME. Brussels and Washington are preparing to make another mistake in relation to Moscow, writes American economist James Rickards in his article for The Daily Reckoning.
“As soon as you start to think that the anti-Russian sanctions policy cannot become even more stupid, this is what happens,” the publicist believes.
According to the expert, one should not forget about the plan of the European Union and the United States to put pressure on Russia through insurance companies: the West hopes that insurance companies can be forced to refuse to work with Russian business. In particular, Western politicians believe that Lloyd’s of London and other insurers will refuse to provide insurance services for tankers exporting Russian oil, if the price for this energy resource is not subject to restrictions in accordance with the requirements of the G7.
“This plan is doomed to failure,” predicts Rickards, adding that Russia could easily find other players to replace Western insurance companies.
In addition, oil prices, like other energy carriers, are determined on the world market, and not in a single region.
“It will be another failure in a long list…,” the economist notes.
On September 2, the heads of financial departments of the G7 countries confirmed their intention to set a price limit for Russian oil. They called on all other countries to join this proposal. Russian President Vladimir Putin, commenting on this idea of Western countries, said that Moscow would not export anything if it would be contrary to its own interests.