Despite Western sanctions against Russia for its invasion of Ukraine, The
U.S has not publicly opposed Pakistan purchasing oil from Moscow.
Ned Price said that Pakistan can also benefit from the concessions that the US
has given to other countries to buy oil from Russia.
"We've encouraged different countries to take advantage of it, even countries
that haven't formally signed up to the price cap so that in some cases they can
buy from other countries," added Ned Price. . I can buy oil from Russia at a
huge discount.
Ned Price said that the United States, along with other countries, including the
G7 has adopted a price cap mechanism (on a price ceiling) regarding the
purchase of oil from Russia.
The benefit of the price cap, he said, would be that it would resource the energy
markets despite depriving Russia of revenues, while Russia would need oil
revenue to continue its war against Ukraine.
"We didn't exclude Russian oil on purpose, but now it's an issue of price ceiling
" Ned Price explained. America has made it clear that this is not the time to
increase economic activities with Russia. We believe that global energy markets
need to be well-resourced and well-supplied, and we believe that price caps
provide a mechanism to achieve these goals.
Publisher: Hamza Rajput
Designer: Umer
