The G7 countries have not yet officially approved the price ceiling for Russian oil.
The introduction of a price cap on Russian oil would allow the 50 largest developing countries to save $160 billion a year, the US Treasury Department calculated.
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“The analysis of the US Treasury shows that the 50 states of the emerging markets will annually save about $160 billion in oil imports. This means that such countries, including China and India, has a serious incentive to take advantage of the initiative,” a spokesperson for the department told the newspaper. financial period.
The US Treasury’s estimates are based on a comparison of the potential impact on the oil market of a limit on Russian oil imports versus the impact of an embargo on supplies without any exemptions.
It will be remembered that the G7 countries decided to limit prices for Russian oil on September 2, but the level of the price ceiling has not yet been determined.
It should be noted that Russia has threatened not to supply oil in response to price restrictions.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.