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Post: A country determined to refuse to restrict Russian oil prices


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SCMP: Indonesia will not accept US proposal from Russia to limit oil prices

MOSCOW, August 12 – RIA Novosti. Attempts by the United States to persuade Indonesia to support Russia’s containment of oil prices are doomed to failure. author Chinese edition of the South China Morning Post (SCMP).

The author of the article reminded Jakarta that it was proposed by US Treasury Secretary Jeannette Yellen, who met with several senior Indonesian officials, to support the plan developed by the G7.

Indonesian finance chief Shri Mulyani promised to explore the implications of the move as it “will have a huge impact on oil producing countries and their buyers”.

However, as noted in the article, analysts believe that Jakarta is unlikely to support this initiative as it wants to wait for China and India to do so.

“Among the G20 countries, China and India are much more indicative of Indonesia in this respect because Beijing is one of the largest importers of Russian oil,” said Bhima Yudhistira, executive director of the Center for Economic and Legal Studies in Jakarta.

The expert expressed his confidence that Indonesia, which adheres to its own foreign policy, will not take the side of the West or Russia.

While describing the volume of Jakarta’s oil imports from Russia as “insignificant”, he said, “Indonesia is unlikely to support a price cap plan, because that would mean imposing sanctions on Russia and it wouldn’t want to be so involved,” he said.

Mohammed Faisal, executive director of the Center for Economic Reform in Jakarta, acknowledged that it would be “difficult” to include Indonesia in the plan without Russia’s consent. Additionally, he said, oil could become cheaper as a result of the global recession, in which case Indonesia would not have to risk political neutrality.

Following the start of Russia’s special operation against Ukraine, Western countries began to impose sanctions on Moscow, especially on Russia’s energy resources. The sixth package provides for a gradual embargo on imports of Russian oil. In addition, the G7 countries are now discussing options for imposing restrictions on the maximum price of oil from Russia, as well as a complete ban on services that allow the transport of Russian oil and petroleum products.

President Vladimir Putin said that the policy of controlling and weakening Russia is a long-term strategy for the West and that the sanctions have dealt a serious blow to the entire global economy. According to him, the main purpose of the West is to worsen the lives of millions of people. He noted that a balanced macroeconomic policy enables Russia to withstand the pressure of sanctions.

Read the full article at: InoSMI>>>

Source: Ria

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