United States President Joe Biden said Thursday that price ceilings for Russian oil, proposed by the G7 countries, are still being reviewed. He added that he spoke with Treasury Secretary Janet Yellen about the issue.
“Yes, they’re still valid,” President Biden told reporters during a Thanksgiving visit to a fire station on Nantucket Island.
European Union governments were expected to resume talks late Thursday or Friday after failing to reach an agreement Wednesday on the level of the price ceiling to be placed on Russian oil shipped by sea.
President Biden’s administration sees the price cap as a way to cut Russia’s oil revenues, a key source of funding for its war in Ukraine, while also wanting to maintain supply continuity and avoid rising oil prices. further price.
The Group of Seven (G7), which also includes the United States, as well as the entire European Union and Australia, is expected to implement on December 5 the price ceiling for Russian oil exported by sea.
About 70% – 85% of crude oil is exported from Russia in container ships. The essence of the price ceiling is that it prohibits the transportation, insurance and re-insurance by insurance companies of cargoes of Russian crude oil around the globe, unless it is sold below the price set by the G7 and allied countries./VOA