A two-speed barrel price? That of the Russian companies and the others? This is what emerges from the words of Janet Yellen, the American Secretary of the Treasury. This Monday, during a visit to Canada, she indicated that the United States was discussing with its allies to further restrict Russia’s oil revenues by capping the price of its crude oil.
“We continue to have productive conversations with our partners and allies around the world about how to further restrict Russia’s energy revenues, while avoiding collateral effects on the global economy,” Janet Yellen said during the briefing. ‘a press conference.
“We are talking about price caps or a price exception that would broaden and deepen recent and proposed energy restrictions” imposed by the United States and its allies, “which would lower the price of Russian oil and contract revenues. of Putin while allowing a greater supply of oil to reach the world market,” she explained.
A price cap “would prevent collateral effects on low-income and developing countries struggling with high food and energy costs,” she said.
According to Crea, an NGO that claims to be independent since its creation in 2019 in Helsinki (Finland), Russia has earned 93 billion euros in revenue from the export of fossil fuels during the first 100 days of its war against Ukraine, the majority of which to the EU.
China ramps up imports of Russian oil
Russia, for its part, is looking for new outlets for its goods, shunned by Western countries since the beginning of the military intervention in Ukraine. Moscow is counting in particular on its first trading partner, China, to escape total economic isolation. In May, imports of Russian oil by China jumped 55% year on year. Last month, the Asian giant bought some 8.42 million tons of oil from Russia, according to Chinese Customs. This is a much higher quantity than oil imports from Saudi Arabia, usually the main supplier of China.