The White House cannot deny the fact that the presence of Russian oil in the global market is crucial.
US Under Secretary of State for Political Affairs Victoria Nuland notes how important it is that Russia supplies crude to world markets. Washington and its allies need Russian oil supplies in global markets, she said. Otherwise, prices could soar.
Nuland also emphasizes the significance of a global price cap for Russian oil that would curb Moscow's energy revenues but also keep the country interested in sustaining oil supplies to the global market.
Earlier, the European Union eased sanctions against Russia, allowing European companies to engage in transactions with Russian state-owned companies for oil destined for third countries. The decision came amid rising concerns over global energy security.
