G7 and EU leaders pose in Germany [자료사진: 연합뉴스 제공]
The Wall Street Journal reported on the 26th local time that the G7 of the seven major countries is getting closer to an agreement on the introduction of a cap on the price of Russian crude oil.
This plan was first proposed by the United States, but Italian Prime Minister Mario Draghi also expressed the opinion that while it could deter Russia from securing funds for the war in Ukraine, it could also be a way to combat inflation in the West by buying crude oil at a lower price. passed on.
Although there are some differences of opinion between the leaders on the specific content, it is known that the heads of countries generally agree on the purpose of the introduction of the system.
The crude oil price cap is a measure to prevent excessive oil price increases while allowing Russian products to continue to be traded in the international crude oil market in such a way that buyers of crude oil in Western countries, including the United States, form a ‘cartel’ and promise not to buy crude oil that exceeds a set price level.
However, if there are not enough ‘cartel’ participating countries, Russia may find other importing countries that have not applied the cap, which makes it less effective.
In this regard, Finance Minister Yellen mentioned a plan to force oil tankers carrying Russian oil to be covered by international insurance only if the price of crude oil aboard the vessel is below the price set by the cap as a way to settle the oil price cap. I have one.
Some even point out that the oil price cap could be a factor causing a temporary surge in oil prices.
Just as Russia was able to earn money for war by exporting crude oil due to a surge in oil prices after the introduction of Western sanctions against Russia, it is observed that a similar thing could happen again if Russia cuts oil exports with sanctions.
An official from the German government pointed out this possibility and predicted that “the shock will be temporary and that oil prices will eventually fall as a result of the sanctions.”
After the Russian invasion of Ukraine, the supply and demand of crude oil products has been difficult, and gasoline and diesel prices have soared around the world.
