MOSCOW, 3 Sep — PRIME. The intention announced by the G7 countries to introduce a ceiling on prices for Russian oil will worsen the situation on the world energy market and hit the G7 countries as well, Earl Rasmussen, executive vice president of the Eurasian Center in Washington, told RIA Novosti on Friday.
G7 finance ministers (Great Britain, Germany, Italy, Canada, the US, France and Japan) agreed on Friday to introduce a “price cap” on Russian oil and urged other states to join the initiative. As US Treasury Secretary Janet Yellen said in this regard, such a step is designed to “accelerate the degradation” of the Russian economy.
“I do not believe that such a decision by the G7 countries will bring the desired effect – rather, it will provoke even greater demand for oil and, with a high probability, will further exacerbate energy crises. Such steps will have unpleasant consequences for the G7 countries, like all previous restrictions ” Rasmussen said.
The interlocutor of the agency explained that the establishment of a ceiling price for Russian oil could ultimately result in even greater pressure on the economies of Western countries, which, in turn, is fraught with civil unrest and political upheavals.
“Such a step continues the current policy of self-destruction and economic suicide,” the expert warned, stressing that Moscow, if necessary, could easily find new markets for its oil in other regions of the world, provided that the G7 countries did not decide to impose secondary sanctions. against new buyers.
“However, such application of secondary sanctions will put the energy market under even greater pressure,” Rasmussen said.
From his point of view, the United States, which are not buyers of Russian oil, also bears serious risks, since in the event of serious economic and political problems in other G7 states, the unity of the US-led coalition of like-minded countries will be in jeopardy.
“This could potentially lead to fragmentation among European allies,” the American analyst predicted.
On Thursday, Deputy Prime Minister Alexander Novak told reporters that the idea of limiting the price of Russian oil is completely absurd, Russia will not supply oil and oil products to those countries that support it. At the same time, he added that the introduction of restrictions on Russian oil prices would destroy the market, and other producers also did not respond positively to such an initiative.
The United States and Canada imposed a ban on Russian energy resources back in March. The European Union agreed on an embargo on sea supplies of oil from the Russian Federation from December 5, oil products – from February 5, while the sanctions will not affect supplies via the Druzhba pipeline. In June, Japan reduced imports of Russian oil to zero, but already in July it began to buy it again, while reducing the volume of purchases by 65%.