Washington is trying to limit the maximum price at which Russian oil will be sold, as well as a ban on the transportation of Russian oil by ships flying the Cypriot flag.
The US administration has insisted the European Union be limiting the maximum threshold of prices for Russian oil and banning its transportation by sea to third countries. Cyprus opposes such a decision. On Monday, June 27, according to Bloomberg, sources were cited.
According to the publication, US Treasury Secretary Janet Yellen on Monday spoke with Cypriot Finance Minister Konstantinos Petrides.
“They discussed the goal of limiting the price of Russia’s oil to deprive the Kremlin of revenue to fund the war in Ukraine while mitigating spillovers in the global economy,” the U.S. Treasury Department said in a statement.
It was noted that the United States is putting pressure on Cyprus to impose a ban on the transportation of Russian oil to third countries by ships flying the Cypriot flag.
Cyprus is one of the largest players in the maritime oil transportation market. Petrides, speaking with Yellen, expressed concern about such a ban.
According to the interlocutor of the agency, who opposes the transport ban, the Minister of Finance of Cyprus identified several other countries that have not imposed sanctions against Russia.
It was previously reported that the G7 would limit the price of Russia’s oil to its value. The price cap could hit Russia’s revenues by actually lowering energy prices.
Under the US plan, Ukraine’s allies will pay Russia no more than the cost of production for its oil. Russia’s oil continues to flow into world markets, helping the global economy, but the Russian Federation will receive less money for it.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.