The United States did not rule out that sanctions against Russia could become excessive
According to Washington, despite “thousands of sanctions”, Moscow is likely to receive more profit due to rising fuel prices
The United States is concerned that anti-Russian sanctions imposed against the backdrop of a special operation in Ukraine may become redundant, Deputy Treasury Secretary Wally Adeyemo said during a congressional hearing broadcast by C-SPAN.
“In the United States alone, we have imposed a thousand sanctions against Russian structures and individuals,” — he added.
In addition, according to Adeyemo, since the beginning of the military operation in Ukraine, Moscow has probably increased its oil revenues. “We know that Russia is currently selling less oil per barrel than it did before the invasion [of Ukraine], but because of rising prices, it may be making more profit,” pointed out by the Deputy Minister.
He noted that the United States is discussing with allies and partners the prospects for introducing a ceiling on purchase prices for oil from Russia, and also exchanging data on the assets of Russian businessmen around the world.
The US imposed an oil and gas embargo on March 8. In announcing this, US President Joe Biden acknowledged that such a decision would lead to an increase in gasoline prices in the United States, but at the same time stated the need to “apply pressure” on Russian President Vladimir Putin because of the military operation in Ukraine. Later, the EU joined the sanctions against Russian oil. The ban includes the supply of raw materials by sea, and countries dependent on Russian oil imports will continue to receive it through the Druzhba pipeline.
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Russian Foreign Minister Sergei Lavrov ruled out budget losses in this year due to restrictions on Russian oil supplies by sea. According to him, oil markets do not obey political “orders”, and Moscow has alternatives to the European market, where it is increasing supplies. In the Kremlin, speaking of the embargo by the EU, they warned that such a decision would “hit everyone.” According to Deputy Prime Minister Alexander Novak, in the event of a ban, world oil prices could jump to $300 per barrel.
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