G7 countries discussed the creation of a cartel to control prices for Russian oil

In the US Treasurysaw the need to create a cartel to control the price of Russian oil, which would allow not to completely refuse supplies. Yellen previously said,

Western countries may create a cartel of Russian oil buyers to control rising fuel prices, US Treasury Secretary Janet Yellen said after a meeting with colleagues from the G7 countries, reports The Wall Street Journal.

She explained that the cartel would set a price ceiling that would allow the West to cut Russian budget revenues from oil sales without causing "too much pressure on the global economy." At the same time, the minister noted that such a measure could cause “stagflationary shocks”.

“For this, a large cartel is needed, perhaps the EU alone will not be enough,” she said. “The idea of ​​applying sanctions, secondary sanctions, came up. An alternative approach could be the idea of ​​tariffs instead of price caps.”

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At the end of April, Yellen urged to be careful about the introduction of a complete embargo on oil supplies from Russia by the European Union. She explained that such a decision is unlikely to have a strong impact on the Russian economy, but it threatens European countries with serious damage, as they will be forced to pay much more for gas, oil and coal from other suppliers, which will be able to raise prices.

“This will clearly raise world oil prices, have a devastating effect on Europe and other parts of the world, and, contrary to common sense, may have a very slight negative impact on Russia, since it can export less, but export revenues will grow,” the head of the Ministry of Finance said. USA.

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According to Bloomberg, the United States and the European Union are considering three options for restrictions on Russian-produced oil: imposing an embargo, creating a “payment to keep revenue” mechanism, and setting a price cap. According to the agency, Washington fears that a complete ban on oil supplies will lead to a sharp rise in the price of energy resources and an increase in Russian budget revenues. One of the interlocutors of Bloomberg expressed confidence that Western countries will soon come to an agreement on the issue of a limited ban on Russian oil.

The US authorities have already imposed a ban on the supply of Russian oil. By this day, European countries have reached a consensus only on the issue of an embargo on Russian-produced coal, the oil embargo has not yet been included in any of the packages of restrictive measures. The head of European diplomacy, Josep Borrell, said that the decision on the embargo would be more difficult for European countries than for the United States, since European countries are more dependent on supplies from Russia.

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