{"id":1763864,"date":"2022-12-05T18:33:59","date_gmt":"2022-12-05T23:33:59","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1763864"},"modified":"2022-12-05T18:34:07","modified_gmt":"2022-12-05T23:34:07","slug":"russia-balks-as-g7-european-union-implement-oil-price-cap","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/russia-balks-as-g7-european-union-implement-oil-price-cap\/","title":{"rendered":"Russia Balks As G7, European Union Implement Oil Price Cap"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Frussia-balks-as-g7-european-union-implement-oil-price-cap%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1763864&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><a href=\"https:\/\/www.dailywire.com\/topic\/g7\">G7<\/a> countries, the <a href=\"http:\/\/dailywire.com\/topic\/european-union\" target=\"_blank\" rel=\"noopener\">European Union<\/a>, and Australia committed on Friday to implementing a global $60 per barrel <a href=\"http:\/\/dailywire.com\/topic\/economy\" target=\"_blank\" rel=\"noopener\">price<\/a> cap on seaborne crude <a href=\"http:\/\/dailywire.com\/topic\/oil-and-gas\" target=\"_blank\" rel=\"noopener\">oil<\/a> from Russia beginning on Monday.<\/p>\n<p>Members of the G7, which include Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, <a href=\"https:\/\/www.dailywire.com\/news\/biden-and-other-world-leaders-want-a-global-price-cap-on-russian-oil\" target=\"_blank\" rel=\"noopener\">announced<\/a> the proposed move earlier this year. A <a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/jy1141\" target=\"_blank\" rel=\"noopener\">statement<\/a> from the U.S. Treasury Department announced that the initiative will \u201cmaintain the supply of Russian oil to the global market\u201d while reducing revenues for the nation, which is currently invading <a href=\"https:\/\/www.dailywire.com\/topic\/ukraine-russia-war\" target=\"_blank\" rel=\"noopener\">Ukraine<\/a>.<\/p>\n<p>\u201cThis price cap will benefit directly emerging and developing economies, and it will be adjustable over time so that we can react to market developments,\u201d European Commission President Ursula von der Leyen said in a recent <a href=\"https:\/\/twitter.com\/vonderleyen\/status\/1598734779750309888?s=20&#038;t=sjSZByyC-DfPC6LRlzeg1Q\" target=\"_blank\" rel=\"noopener\">speech<\/a>.<\/p>\n<p>The price cap will only allow the maritime services industry, which includes sectors such as insurance and trade finance, to provide their services for Russian oil sold below $60 per barrel. Brent crude oil, the leading global price benchmark for crude oil drilled in the Atlantic Ocean, is approximately $83 per barrel as of Monday.<\/p>\n<p>The Treasury Department argued that the level of the price cap is \u201chigh enough to maintain a clear economic incentive for Russia to continue selling oil on global markets,\u201d as Russia has \u201chistorically accepted\u201d the rate. In order to spurn the price cap, Russia would have to rely upon service providers outside of the G7, which are more expensive and less reliable.<\/p>\n<p>Russian officials, however, balked at the proposal. Kremlin Spokesman Dmitry Peskov said that the nation \u201cwon\u2019t accept the price cap\u201d in a <a href=\"https:\/\/tass.com\/russia\/1545269\" target=\"_blank\" rel=\"noopener\">statement<\/a> provided to government-run news outlet TASS. Mikhail Ulyanov, the nation\u2019s ambassador to international organizations in Vienna, <a href=\"https:\/\/twitter.com\/Amb_Ulyanov\/status\/1599025369272979456\">said<\/a> that Europe will live without Russian oil \u201cstarting from this year,\u201d predicting that the European Union would accuse Russia of \u201cusing oil as a weapon.\u201d<\/p>\n<p>European officials have indeed argued that Russia is responsible for a precipitous rise in energy prices. The country paused natural gas shipments through Nord Stream 1 before the entire pipeline system was <a href=\"https:\/\/www.dailywire.com\/news\/nord-stream-pipelines-see-unprecedented-damage-after-cia-warned-german-government-of-sabotage\" target=\"_blank\" rel=\"noopener\">destroyed<\/a> by an unknown actor. Some commentators have noted that a rapid transition away from fossil fuels among European Union nations, which adopted the official <a href=\"https:\/\/ec.europa.eu\/clima\/eu-action\/climate-strategies-targets\/2050-long-term-strategy_en\" target=\"_blank\" rel=\"noopener\">policy<\/a> of becoming \u201ca climate-neutral society\u201d by 2050 in accordance with the European Green Deal, has contributed to unreliable energy supplies.<\/p>\n<p>\u201cRussia keeps on actively manipulating our energy market,\u201d von der Leyen <a href=\"https:\/\/www.dailywire.com\/news\/european-union-social-market-economy-might-redistribute-fossil-fuel-profits\" target=\"_blank\" rel=\"noopener\">remarked<\/a> in September, noting that natural gas prices have recently increased more than tenfold. \u201cBut Europeans are also coping courageously with this.\u201d<\/p>\n<p>Multiple European countries are <a href=\"https:\/\/www.dailywire.com\/news\/switzerland-may-jail-people-who-turn-heat-above-66-degrees-this-winter\" target=\"_blank\" rel=\"noopener\">imposing regulations<\/a> for thermostat and appliance usage; von der Leyen suggested that European Union member states reap windfall profits from fossil fuel producers. \u201cIn our social market economy, profits are good,\u201d she continued. \u201cBut in these times it is wrong to receive extraordinary record profits benefitting from war and on the back of consumers. In these times, profits must be shared and channeled to those who need it the most.\u201d<\/p>\n<p>NATO Secretary-General Jens Stoltenberg has also <a href=\"https:\/\/www.dailywire.com\/news\/we-face-a-difficult-six-months-nato-chief-urges-europe-to-support-ukraine-through-russian-energy-blackmail\" target=\"_blank\" rel=\"noopener\">characterized<\/a> Russian restrictions on fuel exports as \u201cblackmail.\u201d The former prime minister of Norway suggested that achieving victory for Ukraine would help Europe to \u201cbreak free\u201d from Russian energy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>G7 countries, the European Union, and Australia committed on Friday to implementing a global $60 per barrel price cap on seaborne crude oil from Russia beginning on Monday. Members of the G7, which include Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, announced the proposed move earlier this year. A statement &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1529290,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1763864","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1763864","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1763864"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1763864\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1529290"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1763864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1763864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1763864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}