On May 23rd, German Federal Minister for Economic Affairs and Energy, Robert Habeck said in a media interview that the European Uion would likely agree an embargo on Russian oil imports within days, but making a dent in Russia’s war chest might require capping global oil prices.
Habeck told the media that the European Commission and the United States were working on a proposal to no longer pay any price for oil, but to cap global oil prices. However, the unusual measure only worked if many countries got on board. On the same day, Russian foreign minister Sergei Lavrov said in a question and answer session at an event in Moscow that after the West has taken a dictator’s position and measures, Russia would focus on developing ties with Communist China and the bilateral economic ties would grow even faster and closer. His speech verified in another way that the decoupling process was expedited.
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