The US Treasury assessed the effectiveness of the “ceiling” mechanism for oil prices from Russia

MOSCOW, 10 Sep — PRIME. The mechanism of the “ceiling” of prices for Russian oil will be able to work without the participation of India and China, Ben Harris, Assistant Secretary of the Treasury for Economic Policy, said at a conference at the Brookings Institution.

“Achieving (an agreement) only at the G7 level is already broad enough to be successful without India and China,” he said. The broadcast was hosted by the institute’s website.

The participation of both countries will ensure “better” operation of the price control mechanism, he said. He noted that the United States is not currently discussing the possibility of applying secondary sanctions that oblige other countries to join the establishment of a “ceiling” on the cost of Russian oil.

On Friday, US Deputy Secretary of the Treasury Wally Adeyemo said that the US, together with its allies, intends to set a “ceiling” on prices for oil exported by Russia above cost, but below the market level. According to him, the initiative, adopted by the G7, will reduce Russian revenues, but maintain an incentive to continue deliveries.

Deputy Prime Minister of the Russian Federation Alexander Novak said that the idea of ​​limiting oil prices is completely absurd, Russia will not supply oil and oil products to those countries that support it. He added that the introduction of restrictions on Russian oil prices will destroy the market, and other producers also do not respond positively to such an initiative.