Trump's team names oil price that would force Russia to come to negotiating table
Photo: US special envoy on Ukraine Keith Kellogg (Getty Images)
Simply helping Ukraine cannot force Russia to stop the war. The price of oil must be reduced to $45 per barrel, states Keith Kellogg, the special envoy of US President Donald Trump on Ukraine and Russia, according to AP News.
He believes that the world cannot force Russia to stop the war simply by helping Ukraine achieve victories on the battlefield. He suggested that the answer might lie in implementing "tougher measures" against Russia's oil industry.
"Russia is gaining billions of dollars of money from oil sales. What if you drop that to $45 a barrel, which is basically a baseline breakeven point?" Kellogg said.
Price cap on Russian oil
Under the leadership of President Joe Biden, the US and other allies set a price cap on Russian oil at $60 per barrel.
The price cap prohibits Western companies from providing services such as transportation, insurance, and financing for oil sold above the established limit. Previously, the US Treasury reported that the price cap on Russian oil is working, as it has reduced the Kremlin's revenues.
Additionally, Ukraine has proposed lowering the price cap on Russian oil to $30 per barrel. According to Andrii Yermak, head of the Office of the President of Ukraine, this would collapse Russia's ability to finance the war.
