The European Union may considerably reduce its purchases of Russian oil in the winter, according to U.S. Treasury Secretary Janet Yellen, who also noted that a proposed Western price ceiling on Russia’s oil exports is intended to keep prices in check.
According to Yellen, “it’s a risk, and it’s a risk that we’re working on the price cap to try to manage.”
The EU “will discontinue for the most part buying Russian oil” and put a restriction on services that permit Russia to move oil by tanker, she said, which might result in a price increase.
According to the G7 wealthy countries’ price limit agreement, participating nations will refuse to provide insurance, financing, brokerage, navigation, and other services to oil cargoes that cost more than a yet-to-be-determined price cap on crude and oil products.
According to Yellen, the price cap aims to keep Russian oil supplies intact while reducing revenue that Russia could use to fight a war in Ukraine.
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NEWS SOURCE: CRUCIAL NEWS GLOBAL
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