The U.S. government has welcomed the agreement on a cap on the price of Russian seaborne oil reached Friday by members of the European Union, saying the measure will restrict Russia’s main source of revenue.
«Together, the G7, the European Union and Australia have established a cap on the price of Russian seaborne oil that will help us achieve our goal of restricting (Vladimir) Putin’s main source of revenue for his illegal war in Ukraine, while preserving the stability of global energy supplies,» U.S. Treasury Secretary Janet Yellen said in a statement.
«Today’s announcement is the culmination of months of effort by our coalition, and I commend the hard work of our partners in achieving this outcome,» she added.
According to Yellen, the price cap will encourage the flow of lower-priced Russian oil into world markets and is designed to protect consumers and businesses from global supply disruptions.
In this regard, she has stressed that the price cap will especially benefit low- and middle-income countries, «which have already borne the brunt of high energy and food prices exacerbated by Putin’s war,» assuring that these countries will be able to benefit from greater stability in global energy markets.
«Today’s move will also help further constrain Putin’s finances and limit the revenues he is using to finance his brutal invasion. Given that Russia’s economy is already contracting and its budget is shrinking, the price cap will immediately reduce Putin’s most important source of revenue,» the Treasury secretary has argued.
The Member States of the European Union have reached an agreement this Friday to set a ceiling of 60 dollars, some 57 euros at the exchange rate, on the price of Russian oil, diplomatic sources have confirmed to Europa Press, in a negotiation that has culminated just three days before the embargo on the purchase of Russian crude oil formally approved in October comes into force.
The measure follows the agreement reached within the G7 to set a ceiling between 65 and 70 dollars for Russian crude, and is aimed at oil transported by sea and will not affect oil reaching Europe through pipelines, following the exception achieved by Hungary and other landlocked European partners who claim to be highly dependent on Russian oil.
