Opinion

The antagonism and friction between Russia, the US and the West are now growing further surrounding the price limit issue of the Russian crude oil.

The US Secretary of Treasury came out with the issue of setting the ceiling of the Russian crude oil price last May. It is aimed at preventing Russia from gaining profits with the rise of crude oil price by making oil consumers jointly refuse the import of the Russian oil in case Russia attempts to sell crude oil in a higher price than the ceiling through maritime transport.

Afterwards, the issue was agreed on at the meeting of G7 financial ministers held in Germany in early September. The EU also conducted intensive internal negotiations to set the ceiling price of the Russian crude oil, with the result that it formally decided to limit the price at US$ 60 on December 3.

Russia assumes a posture of taking strong countermeasures against the sanctions by the US and the West.

On November 24, Russian President Putin said that the West’s plan to set a limit on the Russian oil is a dangerous attempt that runs counter to the marketing principle and that can bring about serious consequences on the world’s energy market. And he added that Russia has not a plan to deliver crude oil to the countries joining in this scheme.

The press secretary of the Russian President, deputy prime minister of the government and other high-ranking officials also took a strong stand that they would cope with anti-market economic measures which are detrimental to the energy supply chain of the world and would not deliver crude oil to the countries joining the West’s sanctions even if they might have to reduce oil output.

Economic experts comment that though the US and the West are taking different kinds of sanctions measures to prevent Russia from gaining economic profits through oil export, they would be ineffective as long as large-scale oil importing countries including China and India do not join them. They will rather amplify “boomerang effect” that deteriorates the economic situation of European countries which have suffered from a serious energy crisis.

The anti-Russia sanctions trick played by the US and the West will invite strong counteractions from Russia and thus shoot themselves in their own feet.