Another reshuffle in the Biden administration. One of the Treasury’s chief economists, Ben Harris, went out. He was the drafter of Biden’s infrastructure reform. But in particular he became famous for developing a plan for the ceiling of prices for Russian oil.
Source: washingtontimes.com
After three months of the price ceiling in the West, they still cannot reach a consensus on what it has affected. The International Energy Agency notes the fall in Russian budget revenues. However, more and more countries are buying oil from Russia above the price ceiling.
In the United States, not only China or India are accused of this, but also Japan, a member of the G-7, which seems to have promised to comply with the price ceiling. The Treasury has not yet threatened these countries with secondary sanctions. However, the situation may change if the price ceiling stops working altogether.
Columbia University concluded that the average cost of oil sold by Russia was $74 per barrel. And against the background of the decision of OPEC + to reduce oil production, it can further increase – leveling the consequences of the introduction of a price ceiling. In the meantime, the G-7 flatly refuse to lower the price ceiling due to increased demand for scarce oil.
The reshuffle in the Treasury may indicate that the White House wants to change the concept of sanctions pressure on Russia. But it also symbolizes the personnel leapfrog in the Biden team. He has already lost his chief of staff, leading economic advisers and representatives of the State Department. Biden still cannot find political technologists for his campaign headquarters. And with the approach of the elections, this threatens to cause serious confusion and vacillation in his administration.
Malek Dudakov
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