WASHINGTON, Aug 31 – PRIME Negotiations on the price cap for Russian oil are progressing significantly within the G7, US Treasury Secretary Janet Yellen said.
“I am optimistic about the significant progress that our teams and the entire G7 have made as part of the work to bring the idea of u200bu200bthe price cap to reality,” Yellen said at a meeting with a British colleague.
She said imposing a price cap would reduce Russia’s income as well as establish uninterrupted supplies to the market, reducing pressure on energy costs for people in the US, the UK and around the world.
The leaders of the G7 countries (Great Britain, Germany, Italy, Canada, the USA, France and Japan) at the summit on June 26-28 confirmed their intention to reduce dependence on energy from Russia and tentatively agreed to start limiting prices for Russian oil and gas. At the beginning of July there were proposals to set the limit at half the current price. According to the Bloomberg agency, figures of 40-60 dollars are being discussed.
Earlier, Director of the Department of Economic Cooperation of the Russian Foreign Ministry Dmitry Birichevsky in an interview with RIA Novosti noted that the introduction of a price ceiling on Russian oil and gas is risky and will only aggravate the energy crisis, in the event of such steps from the West, Russian companies will act on the basis of economic expediency. Commenting, among other things, on the results of the meeting of the G7 leaders, where the proposal on price restrictions was discussed, he noted that “theoretically, Western countries may try to introduce a” price ceiling “by putting pressure on companies providing financial, logistics and insurance services related to maritime oil supplies from Russia.