Another day with the ILLEGITIMATE PRETENDIDENT in office<\/p>\n\n\n\n
ENERGY<\/a><\/p>\n\n\n\n Former U.S. Treasury Secretary Steve Mnuchin described the G-7\u2032s plan for a price cap on Russian oil as \u201cridiculous.\u201d<\/p>\n\n\n\n Speaking to CNBC\u2019s Hadley Gamble during a panel at the Milken Institute\u2019s Middle East and Africa Summit, Mnuchin said the idea was \u201cnot only not feasible, I think it\u2019s the most ridiculous idea I\u2019ve ever heard.\u201d<\/p>\n\n\n\n He added that while there were no certainties, sanctions on Russia and Russian officials \u2014 which the U.S. and other nations have continued to roll out<\/a> since Russia\u2019s unprovoked invasion of Ukraine \u2014 could have had an impact before the war started rather than after.<\/p>\n\n\n\n \u201cSanctions would have had a big impact back then. I think the problem now is that there\u2019s limited options … there\u2019s parts of the world that are now buying Russian oil outside of U.S. sanctions,\u201d he said.<\/p>\n\n\n\n \u201cBut look, a price cap, the market is going to set the price. So if you put sanctions on at higher prices, in a way you\u2019re just making the situation worse, in my opinion.\u201d<\/p>\n\n\n\n The Group of Seven nations \u2014 the U.S., Canada, France, Germany, Italy, Japan and the U.K. \u2014 along with Australia, have reportedly agreed to set a fixed price cap on Russian oil from Dec. 5, but the level has not been announced.<\/p>\n\n\n\n The plan, which has been under discussion for several months<\/a>, involves a ban on the provision of certain services, such as maritime routes, insurance and financing, to buyers of Russian oil unless it is sold at or below the cap.<\/p>\n\n\n\n It is intended to limit the Kremlin\u2019s ability to fund the war in Ukraine while also protecting consumers and households from sky-high energy prices. New sanctions are also due in early December that will end all Russian crude oil deliveries to the EU by sea, ahead of a ban on all Russian refined products in 2023.<\/p>\n\n\n\n As Europe seeks to wean itself off Russian oil and gas, Moscow has ramped up its sale of oil to countries including China<\/a> and India<\/a>. Energy analysts say<\/a> it will be vital to get those countries\u2019 cooperation for any price cap to be effective, but it remains unclear how they will react to any final announcement.<\/p>\n\n\n\nTrump\u2019s former Treasury secretary calls G-7 Russian oil price cap \u2018the most ridiculous idea I\u2019ve ever heard\u2019<\/h1>\n\n\n\n