Sat. Jun 22nd, 2024

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.

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