Sanctions can not only significantly reduce Russia’s profits from the sale of oil, but also generally reduce the cost of energy
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New sanctions, if adopted, will hit countries and companies that buy oil from Russia above a certain value.
The G7 finance ministers discussed the possibility of imposing secondary sanctions, as well as other ways to limit Russia’s oil profits in a way that simultaneously reduces the backlash on energy prices. This was announced on Thursday, May 19, by US Treasury Secretary Janet Yellen, reports Bloomberg.
“The US has already banned the import of oil from Russia, the EU countries intend to do the same, but gradually over the next year,” the report says.
In addition, the G7 representatives also discussed the imposition of secondary sanctions in order to set limits on the cost of Russian oil, Yellen said.
According to the head of the US Treasury, the G7 meeting also discussed the formation of the so-called “cartel of buyers”, which would help fix the price of Russian oil and minimize Moscow’s income.
“Many people, including myself, find this interesting from an economic point of view, but in fact, the implementation of this idea is a difficult task,” Yellen said, adding that these issues have not yet been resolved.
Earlier it was reported that the economy Russia survives thanks to record oil supplies.
It also became known that Hungary blocked EU proposal on the ban on the import of Russian oil. Later, information appeared that the ban on the transportation of Russian oil is no longer included in the sixth package of EU sanctions.
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