US Treasury Secretary Janet Yellen in an interview with Reuters in New Delhi © Thomson Reuters
Reuters: Exclusive-India can buy as much Russian oil as it wants, outside price cap, Yellen says
NEW DELHI (Reuters) - The United States is happy for India to continue buying as much Russian oil as it wants, including at prices above a G7-imposed price cap mechanism, if it steers clear of Western insurance, finance and maritime services bound by the cap, U.S. Treasury Secretary Janet Yellen said on Friday.
The cap would still drive global oil prices lower while curbing Russia's revenues, Yellen said in an interview with Reuters on the sidelines of a conference on deepening U.S.-Indian economic ties.
Russia will not be able to sell as much oil as it does now once the European Union halts imports without resorting to the capped price or significant discounts from current prices, Yellen added.
"Russia is going to find it very difficult to continue shipping as much oil as they have done when the EU stops buying Russian oil," Yellen said. "They're going to be heavily in search of buyers. And many buyers are reliant on Western services."
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Update: US sets conditions for India to keep buying Russian oil (RT)
WNU editor: The US is using the stick (no carrots) to force India to stop buying Russian oil. I predict this approach will fail.
India needs energy and the revenue that they make from it. They are not going to bend the knee and accept these U.S. conditions.
8 comments:
It's not 1955 anymore and there are Indian banks and companies happy to provide all of those services. The west continues to self isolate at the cost of private profits.
The existence of the cap would give India, China and other major buyers of Russian crude leverage to push down the price they pay to Moscow, Yellen said. Russian oil "is going to be selling at bargain prices and we're happy to have India get that bargain or Africa or China. It's fine," Yellen added.
No mention of where European refineries will get their oil from. I suppose those can just shut down (yay the environment is saved!) and everyone can just buy diesel from India. Good thing we've got economists, because this stuff doesn't make much sense to me.
Yellen might have been technically competent in her younger year using the mathematics and techniques economists use. Like Krugman all I see of her now is someone who toes the party line.
Notice how the Indian-China border dispute has gone quiet. There is vastly more land and resources getting Taiwan than fixing a British made border. Xi s a team player. He could incrementally get more land every so many months and be at odds with India or he can let the West fumble the ball.
Obama, Biden, Milley etc are not catching on. Biden has an excuse. Obama might want the US cut down. That leaves Milley. Too busy reading about White Fragility. Milley must be making great progress in the CRT curriculum, but not so much in understanding world events.
I think GWB or Trump would do much better with India. Bust assuming they were president now they would be facing impeachment for just about anything such as the sun rising, so they would be distracted and never get the chance.
India is part of Brics as is Russia and that trading group will be the wealthiest and largest in the world in a few years. Inevitably it will adopt a security component once India and China put their issues aside.
The USA’s brain trust was fooled by the Indians into thinking a strategic realignment was possible from Russia to the USA. Our fools were fooled by theirs.
If the US keeps poking the bear they better be ready to get bitten.
So bear gets poked and nukes go flying both way. Big deal/
Trump? he is done. At best (or worst) he will run as an independent and give the Dems the election.
This explains a lot about Trump's cabinet.
Trump's son-
in-law problem
I wanted a Trump DeSantis ticket. Now I don't think so.
Trump is not doctrinaire, He also listens to the people. He did things that correct and proper politicians would never do like build the Wall, the Jerusalem Accords, called Germany out, trade war with China, and cut historic Black Colleges a 5 year check so they would not have to beg every year.
On the Wall, when he got push back by his enemies, he was open to immigration. It had to be legal immigration and debated in Congress.
Other than what diplomatic efforts Jared did in the Middle East, I am regarding him as almost a complete waste. Sending Jared to the MEI think worked well because e was family and so the ME rulers would believe him and trust him. The other reason is so many DoS people were sabotaging Trump.
I do not know of the linked article is true. Never heard of the lawyer before. It will take time to verify.
Then other article of interest is:
HERE WE GO: Janet Yellen Calls For Crypto to be Regulated After Biden Mega-Donor Collapses Multi-Billion Dollar Crypto Ponzi Scheme
Sam Bankman was Joe Biden's 2nd biggest donor. Also overall he gave the Dems 40 million.
https://www.thegatewaypundit.com/2022/11/bankruptcy-court-immediately-clawback-40-million-recent-donations-dnc-ceo-failed-crypto-ftx/
There are links supposedly to Ukraine. Will Russia do something about it? Doubtful. I think they would rather play tiddly winks at the Kremlin rather than expose Biden.
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