High oil prices will partially neutralize sanctions from European countries and the United States against Russia.
The United States is asking South Korea to support a proposal to limit Russia’s oil price as part of preparing a new package of international sanctions against Russia. On Wednesday, June 29, according to Yonhap News.
It was noticed that Russia significantly increased its revenues from the sale of crude due to strong demand in Asia, which partially offset economic restrictions from Europe and the United States. Against this backdrop, the G7 countries recently agreed to impose a price ceiling on Russia’s oil.
The publication, citing sources, reports that U.S. Deputy Secretary of the Treasury for Financial Intelligence Brian Nelson invited South Korea to join this step during his recent visit to Seoul.
It was also reported that limiting Russia’s oil price could be one of the main items on the agenda during U.S. Treasury Secretary Janet Yellen’s visit to South Korea, scheduled for July.
Earlier it was reported that G7 leaders were developing a mechanism by which a price ceiling for Russia’s oil and gas was introduced.
The G7 introduced a ceiling on Russia’s oil prices. What does this mean
News from Athletistic in the Telegram. Subscribe to our channel Athletistic
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.