The G7 countries have completely lost their marbles since the failure of sanctions imposed on Russia. In a childish and inept expression of pique the leaders of the G7 countries think they can deprive Russia of the windfall benefits from rising prices of Russian oil and gas. So much for the market economics they have been preaching since their foundation and which is the bedrock of their very existence.
The G7 Fantasy World
The leaders of the G7 countries are engaging in what they call constructive discussion on setting price caps on Russian oil which is a German led fantasy. In an energy hungry world Russia has plenty of buyers outside of G7 control. The G7 leaders have overestimated their influence and importance and this attempted action will have the same counterproductive results as the sanctions had on Russia.
The Fallacy of Self Importance
“An active and constructive discussion continues among the G7 on how the introduction of such a price cap may work in the right direction,” according to G7 sources. The source went on by claiming that the G7 is on the way to reaching a solution with ongoing discussions on the matter.
Adding Failure to Failure
The claimed purpose of trying to price cap Russian oil and gas is to prevent Russia from benefiting from accelerating prices on the energy market, which the G7 says allows Russia to finance the special military operation in Ukraine. There is no mention of the fact that the rising prices of Russian oil and gas are a direct result of the West’s counterproductive sanctions on Russia. Western sanctions against Russia failed to bring about a decrease in Russian revenues. Sanction induced higher fuel prices have more than compensated Russia while the higher energy prices have become a a serious problem for both the European Union and the USA.
