(MENAFN) To put more pressure on Moscow, US President Joe Biden stated on Thursday at the NATO meeting in Madrid that the West will impose an embargo on ships delivering Russian oil.
“We and the West will not provide insurance to Russian ships for the transportation of oil, so they will have huge problems in delivering it to customers,” he highlighted.
In the case of an insurance ban, international corporations will no longer be authorized to carry or cover oil exports from Russia by sea.
Biden also predicted that Russia will struggle to maintain oil output owing to limited access to technology in the face of Western sanctions. The method of price controls, according to the US president, would also limit Moscow's earnings from oil exports.
The United States and its allies have been seeking for methods to contain growing energy prices, and are considering imposing price limitations on Russian oil imports. According to reports, Washington has proposed easing sanctions on insurance for ships transporting Russian oil only if nations agree to buy it at a predetermined maximum price, so establishing a price restriction.
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