Tougher sanctions against Russian oil and gas will only exacerbate economic problems in the US with rising fuel prices and record inflation, Reuters reports.
For the first time in history, petrol prices in the US are over $5 a gallon. Rising gas and oil prices have prompted a record 40-year inflation in the country, which has already led to higher prices for food, housing and electricity, according to the report.
“Tougher sanctions against Russia, one of the world’s biggest oil and gas suppliers, are only likely to make things worse,” Reuters wrote.
Nevertheless, the White House has already said it is preparing a so-called package of secondary sanctions to increase pressure on Russia as well as reduce Russia’s revenues from energy exports. For example, Deputy Treasury Secretary Wally Adeyemo said on 14 June that US officials were in talks with European and Asian partners about a possible collective price cap on Russian oil purchases.
Citing experts, the publication is sceptical about the option of a positive scenario for the US, pointing out that in the current environment the price cap is subject to significant risk of manipulation, while such a system itself is difficult to verify.
Reuters concludes by quoting the conclusion of the independent expert group ClearView Energy Partners, which considered the same issue:
“[The group] is sceptical that transatlantic allies have sufficient political will to rally around secondary sanctions on Russian oil exports in the near future.”
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