G7 wants to cap Russian oil price – US Treasury - The Press United | International News Analysis, ViewpointInteresting concept - have we really become that delusional? So the sanctions have really been a joke so they are thinking of secondary sanctions!!!
These idiots actually want to CONTROL the price of Russky oil! Forget about stopping the purchase of Russky oil as it might cause stagflation etc in our country (the West) - but, hey, we will force the Russkies to sell oil to us cheaper.
Did anyone think that the Russkies might just give us the two-finger salute, just as they have been doing?
So we try a whole lot of things. They do not work. So we sit down and think of even MORE hair-brained ideas! Hmmmmm!
The Group of Seven (G7) countries, represented by their respective finance ministers and central bank governors, on Thursday discussed the creation of a cartel of buyers in order to control the price of Russian oil. This was announced by US Treasury Secretary Janet Yellen in comments to reporters between G7 meetings.
“You need a significant cartel in order to accomplish that, maybe the EU alone wouldn’t be sufficient... The idea of using sanctions, secondary sanctions has come up. The idea of tariffs instead of price caps could be an alternative sort of approach,” Yellen said, referring to EU plans to place an embargo on Russian oil imports in the face of the crisis in Ukraine. Earlier this week, she stressed that “it is critically important that [EU countries] reduce their dependence on Russian oil.”
According to Yellen, the goal of the cartel would be to “keep some Russian oil flowing to the market to hold down global prices so we don’t have undue negative impacts,” otherwise the move could trigger “stagflationary type of shocks.” The cartel would be tasked with putting a cap on the price of the Russian commodity.
