Biden Regime Considers ‘Price Cap’ on Russian Oil as Economic Warfare Increases
The Biden administration is considering a “price cap” on Russian oil as the economic warfare increases with the globalists’ intent upon crushing the nation over their conflict with Ukraine.
Axios has reported on Biden telling reporters while appearing at Nantucket, Mass. campaign stop that a Russian oil price cap is ‘in play’, and he is actively speaking with Treasury Secretary Janet Yellen on the issue.
“This is no time to walk away from Ukraine, not at all,” Biden said.
If Biden proceeds in this manner, Russia is not going to take it lying down. They have threatened to cut off any nation that participates in this proposed price cap on their country’s oil.
“We have frequently stated that the implementation of the so-called Russian oil price cap is an anti-market policy that disrupts supply chains and can severely exacerbate the situation on global energy markets. Russia does not intend to supply oil to countries that will join the buyers’ cartel,” Russian Foreign Ministry spokeswoman Maria Zakharova said on Thursday.
As of right now, the European Union is leading the effort on punishing Russia and attempting to limit their oil profits. According to the New York Times, the EU is considering setting the price of Russian oil at between $65 and $70 per barrel. Over the past few months, Russian oil has traded between $65 and $75 per barrel so it would appear their measures are mostly for show. Russia currently stands as the world’s second biggest oil exporter.
Big League Politics has reported on Russian energy prices soaring throughout their Ukraine conflict as Western economic sanctions have backfired spectacularly:
“Western politicians promised to destroy Russia’s economy with a wide array of sanctions after the nuclear power invaded Ukraine on February 24, 2022. However, that scenario has not come to pass.
In fact, Alex Kimani of OilPrice.com noted that “Russia’s vast energy sector continues to thrive, with the country managing to export nearly a billion dollars worth of fossil fuels per day in the first 100 days since its invasion of Ukraine.” Russia is doing so despite the massive sanctions imposed on it.