RT.com
15 Jul 2022, 04:13 GMT+10
Washington is trying to create a buyers? cartel that would set a price limit on Russian oil
The US State Department believes that China and India, the two current major buyers of Russian oil, should be part of the proposed oil price cap mechanism, Assistant Secretary of State for the Bureau of European and Eurasian Affairs Molly Montgomery said on Wednesday.
"China and India are importers of Russian oil, and I can say that we are working very actively with partners and allies to help develop a proposal [to limit the price of Russian oil]," Montgomery said during a press briefing.
"We see this [price cap] as an opportunity for countries to do something in the international interest, to pay less for energy imports and stabilize the global oil market, so countries should be interested," she added.
According to US Deputy Assistant Secretary for Economic and Business Affairs Erik Woodhouse, the participation of both China and India in the deal could persuade other countries to join in.
"Obviously, China and India are important purchasers of Russian oil. I can say that we've been [talking] most intensively with partners and allies to help design a proposal... Perhaps this can work, as well as outreach to countries that we would like to see participate or otherwise support the price cap," Woodhouse said.
In an interview with the Wall Street Journal published earlier on Wednesday, Treasury Secretary Janet Yellen said the US plans to set a price cap for Russian oil which would be profitable enough for the country to continue production. She did not specify the exact numbers, but explained that the mechanism will demand that any tanker carrying Russian oil would only receive financing and insurance from US, UK, and EU institutions if the sales price of the oil is below the cap.
Also on Wednesday, US National Security Advisor Jake Sullivan noted that the introduction of the price cap mechanism will take some time due to the number of details that have to be sorted out. He added, however, that Washington has already been discussing the measure with a number of key oil consuming countries, including China and India.
The Chinese Ministry of Commerce on Thursday confirmed that the issue of the Russian oil price cap was discussed between Janet Yellen and China's vice premier, Liu He, earlier this month. According to a statement from the ministry, the issue of the price cap is a complex one, and should be solved based on the desire of the parties involved to reduce tensions in Ukraine.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Malaysia Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Malaysia Sun.
More InformationKUALA LUMPUR, Malaysia - After almost four years, the Bangladesh High Commission in Malaysia on Tuesday welcomed the first group ...
BIRMINGHAM, UK - Arshad Nadeem was hailed by the entire country late Sunday for his outstanding performance in the Commonwealth ...
YANGON, Myanmar - According to the ruling military administration, a Japanese journalist detained in Myanmar has been charged with violating ...
DHAKA, Bangladesh - On Sunday, China pledged to assist Bangladesh in repatriating thousands of Rohingya refugees to Myanmar.Bangladesh Foreign Minister ...
ABU DHABI, UAE - The UAE plans to invest $1 billion in Pakistani companies across multiple sectors, according to the ...
KATHMANDU, Nepal - Nepal says it is closely monitoring the recent Taiwan issue and remains committed to the one-China policy.Sewa ...
NEW YORK, New York - U.S. stocks rose sharply on Wednesday despite the latest reading that inflation in the United ...
DELHI, India: India's defense ministry has said that the country has offered to sell 18 Tejas light single-engine jet combat ...
WARSAW, Poland: Julie, who preferred not to give her full name, booked a group of trips to Warsaw last year, ...
SYDNEY, NSW, Australia - Stocks traded lower in Asia on Wednesday. Technology stocks were the hardest hit, and the exchange ...
WASHINGTON D.C.: As prices for food and other basic staples are rising, U.S. demand for grocery deliveries is cooling, with ...
KUALA LUMPUR, Malaysia - After almost four years, the Bangladesh High Commission in Malaysia on Tuesday welcomed the first group ...