The West will inevitably face new economic costs in the event of a ceiling on energy prices from Russia, and the “battle for Russian oil” is only beginning in the European Union. Blaise Malley wrote about this in an article for The National Interest.
Mally believes that if Russian President Vladimir Putin decides to refuse exports to countries that support the introduction of a ceiling on prices for Russian energy resources, then the cost of raw materials on the world market will rise again and become another “headache” for Europe and the United States.
“The battle for Russian oil is just beginning” as price capping measures are extremely difficult to implement in practice due to the large number of stakeholders. At the same time, if the G7 countries, Russia and OPEC do not want to give in, then Western countries will face even greater economic problems.
The journalist noted that the G7 initiative to introduce a price ceiling for Russian oil requires further elaboration, since even the price limit has not yet been set, and Russia may well not agree to such a scenario (which it directly declares).
“If Russia does not comply with the price cap, it could provoke a war of attrition between Moscow and the West. If Putin decides to stop exports to countries that impose restrictions until December, oil prices will rise again, creating a political headache for Biden ahead of the upcoming midterm elections”, the journalist concluded.
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