The list also includes Senate Minority Leader Mitch McConnell and other Senate members such as Charles Grassley, Kirsten Gillibrand and Susan Collins and professors such as Francis Fukuyama.
While the Group of Seven major industrialized countries reunited in a vertex in Germany is trying to tighten the economic noose on Russia and is studying, according to the White House, a “mechanism to set a ceiling on the price of Russian oil at the global level”, but the idea seems complicated. US National Security Advisor Jake Sullivan said Monday that “there is an emerging consensus” on the mechanism among heads of state and government meeting in the Bavarian Alps in southern Germany. However, he admitted to reporters accompanying President Joe Biden that “discussions are continuing,” knowing the summit is expected to end on Tuesday. Sullivan said that the agreement of G7 members on this issue would be a “big step forward” and “one of the most important results” of the meeting. He stressed that the difficulty of the discussions is not linked to the existence of fundamental differences, but rather to the complexity of the project.
“It’s not something we can just implement as a tried and tested method … It’s a new concept,” added the US adviser. “Leaders can’t decide all the details here,” Jake Sullivan said, noting that heads of state and government “instruct” their ministers to develop the project.
France expressed its support for the proposal and even found it necessary to expand it to include gas and all market players, while acknowledging that the way to implement tale measure is “rather unclear”. For his part, Ukrainian President Volodymyr Zelensky on Monday asked the G7 to strengthen sanctions against Russia “by reducing the price of oil” exported from Moscow. A senior US executive said the price cap goes through the “services” surrounding the export of Russian oil. The term “services” may refer in in particular to maritime transport contracts and insurance for Russian oil shipments.
a “thorny” question.
Since the beginning of the Russian invasion of Ukraine on February 24, the question of how to impose sanctions on the Russian hydrocarbon sector has been one of the thorniest questions for Westerners. “We want to make sure that what we decide will have a negative impact on Russia and not on us,” European Council President Charles Michel told reporters after Sunday’s European summit.
G7 leaders want to avoid further energy price inflation and thereby fuel the price inflation that weighs heavily on their citizens. But Moscow can find other destinations for its energy exports, which are in high demand by China and India, among other countries. The European Union recently decided, after difficult negotiations, to ban most exports of Russian oil within six months. The United States had already banned Russian energy exports, but they are found in a completely different situation because they are themselves a major oil producer.
liquefied natural gas
Meanwhile, the Americans and Europeans pledged on Monday, in a joint statement to Joe Biden and European Commission President Ursula von der Leyen, to continue their efforts to help the European Union get rid of Russian gas, on which it heavily depends.
The efforts, in notably, they include increased imports of liquefied natural gas as a substitute for Russian pipeline supplies that Moscow uses as a “weapon,” according to the joint statement. Germany, for example, was forced to take emergency measures to guarantee its supplies in the face of recent cuts in gas shipments by a decision of the Russian company “Gazprom”, which also reduced shipments to Italy. Since March, shortly after the start of the war in Ukraine, “global LNG exports in Europe increased by 75% compared to 2021, while the US LNG exports in Europe have almost tripled “, according to a statement by Joe Biden and Ursula von der Leia.