The European Union (EU) and the Group of Seven, G7, comprising Canada, France, Germany, Japan, Italy, the United States, US, the United Kingdom and Australia made a deceitful announcement to the world on Friday, December 2, 2022. They claimed that in solidarity with Ukraine, they have decided to cap the price of Russian oil at […]
The European Union and the Group of Seven, G7, comprising Canada, France, Germany, Japan, Italy, the United States, US, the United Kingdom and Australia made a deceitful announcement to the world on Friday, December 2, 2022. They claimed that in solidarity with Ukraine, they have decided to cap the price of Russian oil at $60 per barrel in order to reduce the funds available to the latter to prosecute the war in Ukraine.
This simply means that the Europeans think that the oil prices they are paying are too high, so they want a way outside the so-called market forces, to force down oil and gas prices globally. The Europeans, who are the main forces behind this price cap, might think that the rest of the world is so dumb that we have forgotten that in August and September, they tried to impose this price cap for purely economic reasons and not out of any solidarity with Ukraine.
Most of the countries in the continent have had to provide liquidity guarantees for energy companies to keep them afloat. France had gone so far as to nationalise the multinational electricity company, the Elecricite de France. Germany had also seized the “Unique” and “Performance” gas company, the Uniper SE.
The 35 million Ukrainians left in the country live in uncertain conditions, with 17.7 million of them in need of urgent assistance and 9.3 million Ukranians in need of food aid. Obviously, the state of Ukraine deserves pity and people around the world ought to contribute to assist its starving populace.
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