U.S., In Agreement With Other Wealthy Countries, Threatens To Impose Oil Price Cap On Russia To Prevent Gains For Putin From Crisis Caused By The War Against Ukraine

The 7 Largest Economies in the World Unite to Impose a Ceiling on Russian Oil and Prevent Putin from Profiting from the Crisis Caused by His War Against Ukraine

Fearing Vladimir Putin will further destabilize the market, the group of the world’s most industrialized countries, comprising the United States (U.S.), Germany, France, Canada, Italy, Japan, and the United Kingdom, is uniting to tighten sanctions on Russian oil buyers who violate the price cap proposed by the G7.

The group of the 7 richest countries in the world aims to prevent Russian oil buyers, who rely on Western companies, from refusing to contract insurance, financing, brokerage, shipping, and other services for oil cargoes priced above a ceiling under discussion, as pointed out by the magazine Reuters.

Not Satisfied with the Measures Imposed by the U.S. and Other Countries, the Russian Leader Threatens to Halt Fuel Supply

To punish European rivals for the sanctions, on the eve of winter in the Northern Hemisphere, the Russian leader Vladimir Putin is cutting natural gas supplies, which will consequently lead to increased consumption of liquid fuels — diesel and LPG.

The supply panic is making Europe resort to LNG cargo stocks on ships anchored off the coast.

The G7 consists of the seven most advanced economies in the world, according to the International Monetary Fund (IMF), representing over 64% of global net wealth.

Oil Prices Plummet Following Nuclear Deal Between Iran and the United States Leaking in Global Media; Deal Could Legitimately Bring Iranian Oil Back to Export Market

Iran announced that it received a response from the U.S. regarding the “final” proposal for a nuclear deal presented by the European Union, representing a new advancement in the diplomatic exchange that has developed in recent weeks to revive the pact signed in 2015, which could bring Iranian oil back to the export market. The news resonated and directly impacted oil prices, which plummeted by as much as US$ 6 per barrel on August 30.

The national security adviser of former President Donald Trump, John Bolton, stated that the U.S. government is making a “stunning mistake” by trying to return to a nuclear agreement with Iran, arguing that the deal would make Iran a “better partner” for Russia and represent a threat not only to the Middle East region but also to the world.