EU and US flags on the European Parliament building in Brussels. Archival photoMOSCOW, 16 Jul. The proposal to limit the price of Russian oil, put forward by the United States, will only emphasize the dependence of the whole world on this resource, writes Martin Sandbu for the Financial Times. The author believes that at the last G7 summit held in Germany, the United States caught up with partners, forcing them to mention in one form or another the possibility of limiting the price of oil in the final communiqué. 
The United States said that Putin's cunning maneuver led to the defeat of the West «For many months, the Biden administration insisted that its allies agree to limit the price of Russian oil purchases. However, they were skeptical of this idea and did the right thing,» the publication says .
The US Treasury has two goals: to reduce Russia's oil revenues and to prevent an economically catastrophic rise in oil prices, the article notes. At the same time, to reduce prices, Europe approved a partial oil embargo and imposed sanctions on maritime insurance operations for Russian oil cargo, recalls Sandbu. 
In Germany, they were afraid of a «battle for gas» between European countries. At the same time, according to the author, the US plan to limit the price of this resource may lead to the fact that the volume of oil sold by Russia will fall, but only slightly — and this slight reduction in supply will raise prices so much that Moscow will receive even more revenue.
After the start of a special operation to demilitarize and denazify Ukraine, the West stepped up sanctions pressure on Moscow. Some countries have announced the freezing of Russian assets, many brands have left Russia, calls have become louder to abandon Russian energy resources. The EU has already adopted six packages of sanctions, including, among other things, an embargo on coal and oil. At the same time, European countries themselves faced economic consequences in the form of a sharp increase in fuel and food prices. >Read the full text of the article on the InoSMI website >>