RT.com
27 Jun 2022, 23:09 GMT+10
Paris reportedly wants sanctioned Iranian and Venezuelan crude to return to the global market
The French government wants to replace Russian oil by allowing sanctioned crude from Iran and Venezuela to return to the global market, news agencies reported on Monday, citing President Emmanuel Macron's office.
France also wants a proposed mechanism to cap the price of oil to be as broad as possible and not limited to Russian exports, Reuters cited an official at the Elysee Palace as saying.
The statements come as the G7 group of nations, which consists of the US, Canada, France, Germany, Italy, UK and Japan, are meeting in Germany to discuss ways to increase economic pressure on Russia with the hope of forcing it to abandon its military operation in Ukraine.
Iran, which holds a quarter of the oil reserves in the Middle East, is currently under an almost total economic embargo by the US and its allies over its nuclear program. Tehran still exports its crude, however, with China being the biggest buyer. Iran's president said last month that the country's oil exports have doubled since last year, despite the sanctions.
Venezuela, which has the world's largest oil reserves, has been under US sanctions for over 15 years. The EU imposed restrictions on Caracas in 2017 due to concerns over the state of democracy and human rights in the South American country. However, after the start of Russia's military operation in Ukraine in February and the subsequent ban on Russian oil by the US and a partial embargo from Europe, Washington indicated that it may relax economic pressure on Venezuela, which would include allowing an increase in oil exports. Earlier this month, Iran and Venezuela signed a 20-year cooperation deal covering energy, namely oil and gas, among other sectors.
For more stories on economy & finance visit RT's business section
Get a daily dose of Russia Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Russia Herald.
More InformationOTTAWA, Canada: With Canada Post struggling to maintain operations amid labour unrest, rivals like FedEx and UPS are stepping in to...
NEW YORK, New York - U.S. and global markets showed a mixed performance in Tuesday's trading session, with some indices edging higher...
PARIS, France: French military and intelligence officials have accused China of orchestrating a covert campaign to damage the reputation...
NEW DELHI, India: Birkenstock is stepping up its efforts to protect its iconic sandals in India, as local legal representatives conducted...
HONG KONG: China has fired back at the European Union in an escalating trade dispute by imposing new restrictions on medical device...
NEW YORK, New York - Monday's trading session saw mixed performances across U.S. and global markets, with several major indices posting...
NEW YORK CITY, New York: With just weeks to spare before a potential government default, U.S. lawmakers passed a sweeping tax and spending...
Washington DC [US], July 9 (ANI): A day after Donald Trump announced reciprocal tariffs on 14 countries, two days ahead of his deadline...
CANBERRA, July 9 (Xinhua) -- The Australian government is very concerned about U.S. threats to impose increased tariffs on pharmaceutical...
Washington, DC [US], July 8 (ANI): Tesla CEO Elon Musk has announced that exposing the Jeffrey Epstein files will be a top priority...
(Photo credit: Kelley L Cox-Imagn Images) Tundra Esports, Aurora Gaming, PARIVISION and Team Liquid each pulled out 2-0 victories...
BRICS moves to expand Global South cooperation for inclusive, sustainable global governance Leaders of BRICS countries, gathering...