G7 developing plan to reduce Russia’s oil revenues, - Reuters
The G7 countries intend to increase pressure on Russian oil exports, in particular by increasing production in Saudi Arabia and the UAE and reducing purchases of Russian oil in India and Turkey.
This was reported by Censor.NET with reference to Reuters.
According to analysts, if the plan is implemented, Moscow's oil revenues could fall by $80 billion a year, which would be a powerful blow to the Russian economy. G7 finance ministers already have a list of measures aimed at reducing the Kremlin's revenues, including additional tariffs on countries that buy Russian oil.
A key element of the strategy is an agreement with the Persian Gulf countries to increase production in order to avoid a rise in world prices. Saudi Arabia could increase production by 2.43 million barrels per day, and the UAE by 0.85 million. At the same time, the G7 is trying to persuade India and Turkey to reduce imports of Russian oil, replacing it with supplies from the Persian Gulf.
According to Reuters calculations, if Russia sells 5 million barrels of oil at $40 instead of 7.3 million at $56, its annual losses will reach $76 billion. Such a strategy could significantly limit the Kremlin's military resources.
