Former Treasury secretary calls G-7 Russian oil price cap ‘the most ridiculous idea I’ve ever heard’

  • “The market is going to set the price so if you put sanctions on at higher prices, in a way you’re just making the situation worse, in my opinion,” Mnuchin told CNBC’s Hadley Gamble.
  • G-7 nations are set to announce a fixed price cap on Russian oil that is exported through certain Western routes.
  • Analysts say it will be vital for key buyers of Russian oil, India and China, to back the cap.

We are primarily funded by readers. Please subscribe and donate to support us!

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.