Unites States, allies lose economic war with Russia: Political analyst

A political expert has told Press TV that the United States and its allies' move to set price cap on Russian oil imports is a sign of Washington's failure in the economic war against Moscow.

Historian, political analyst and author Marcus Papadopoulos made the comments on Thursday in an interview with Press TV following the European Union and the Group of Seven industrialized nations’ decision to set a $60-per-barrel price cap on Russian oil imports in order to "starve Russia's ongoing military campaign in Ukraine."

The bloc and the Group of Seven that includes the UK, Germany, Italy, Canada, the Unites States, France, and Japan agreed in recent days to start imposing the price ceiling on Russian oil imports.

The EU has also said it will start enforcing an oil embargo on Russian crude deliveries that would ban seaborne shipments, which reportedly account for two thirds of the imports.

EU, G7 agree on price cap on Russia oil imports

The EU and the G7 group of industrialized nations agree on a $60-per-barrel price cap on Russian oil imports.

Papadopoulos pointed out that the United States and its allies have “lost the economic war with Russia” and are looking for a way to compensate for the loss.

“We should note that even if a price cap on Russian oil is not introduced by the European Union, vast numbers of ordinary men and women in the European Union have fallen into poverty and vast numbers of companies across the European Union have entered it into liquidation as a result of the European Union's economic crusade against Russia.”

The analyst also told Press TV that, “The ruling Elites of the European Union are beholden to America the ruling Elites of the EU owe their status and their wealth to the Americans therefore the European Union is taking steps to make the EU economy even more beholden to America when it comes to liquefied natural gas and more beholden to America when it comes to oil.”

Russian energy price cap

This episode discusses whether putting a cap on Russian oil price could backfire, and send the world economy into a tailspin.

The G7 said it was delivering on its vow "to prevent Russia from profiting from its war of aggression against Ukraine, to support stability in global energy markets, and to minimize negative economic spillovers of Russia's war of aggression."

Papadopoulos also pointed to the cracks in the European Union's economic war against Russia, saying, “Britain has been breaking its own sanctions on Russia by continuing to import Russian oil and when it concerns the European Union, the EU is secretly, though not so secretly anymore, importing timber and coal from Russia which means the European Union is breaking its own sanctions on Russia.”

“Russia cannot be isolated either in Europe or in the rest of the world. Russia is one of the leading exporters of natural resources, from oil to gas, to steel and so on; it is simply impossible to isolate Russia in the international arena,” he said.

“The Americans understand that what is emerging in the world is a multi-polar world, whereby there are numerous centers of power and the Americans simply cannot prevent that from materializing,” he added, emphasizing that the United States’ unipolarity in the world is over.

“The Russians together with the Chinese and also the Indians and other countries in the world are dismantling the Western Global Order.”

Russia started the "special military operation" in its eastern neighbor in late February in order to defend the pro-Russian population in the eastern Ukrainian regions of Luhansk and Donetsk against persecution by Kiev.

Back in 2014, the two republics broke away from Ukraine, refusing to recognize a Western-backed Ukrainian government there that had overthrown a democratically-elected Russia-friendly administration.

Ever since the beginning of the war, Kiev's Western allies, led by the United States, have been pumping Ukraine full of advanced weapons and slapping Russia with a slew of sanctions, steps that Moscow says would only prolong the hostilities.

The White House early on December described the G7-EU deal as "welcome news," saying a price cap would help limit Russian President Vladimir Putin's ability to fund the Kremlin's "war machine."

Putin has denounced the design as a United States-led scheme.

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