EU and G7 Decide on Russian Oil Price Cap – Western Arrogance and Ridiculous Interference in the “Free Market”

By Peter Koenig

Global Research, December 08, 2022

Follow us on Instagram and Twitter and subscribe to our Telegram Channel. Feel free to repost and share widely Global Research articles.


Arrogance sometimes is boundless and ridiculous. Arrogance in its extreme form may be self-destructive.

Imagine, the European Union (EU) and the G7 (Canada, France, Germany, Italy, Japan, the United Kingdom and the United States), decide to put a price cap of US$ 60 per barrel on Russian oil. Just like that. Europe – a US-vassal – is going out of her way to bash Russia, to sanction Russia, and scream, “we won’t buy any Russian energy!”

Yet, Europe depends to about 40% on Russian hydrocarbon energy, mostly gas. Lack of Russian energy would leave an enormous gap in Europe’s energy supply – a void that cannot be replaced by other suppliers overnight. To avoid an economic collapse, a rapid deindustrialization, in fact, a suicide of human, social and economic dimensions, Europe has no choice but importing energy from Russia, and this despite all the yelling and bruhaha for “sanctions”.

Over the past few weeks Russian tankers – at the rate of 125% from what used to be “normal”- arrived at Amsterdam and other European ports to fill up Europe’s gas reservoirs. Today, most of EU gas reserves are full to the brim. See this.

Both the embargo and the price cap come into effect as of Monday 5 December. By now European gas reserves are almost overflowing – having been supplied hastily with more than the average tonnages per week. The sanctions from now forward are sheer hypocrisy.

The price cap supposedly applied for oil Russia supplies to third countries, sovereign countries, over which the EU has zero control and even less command.

Graciously, Europe allows for a transition period of 45 days for vessels carrying Russian oil purchased and loaded prior to December 5.

Russia reiterates that she will neither agree to the price cap nor sell her oil to countries supporting it.

Russian Deputy Prime Minister Alexander Novak told Rossiya 24 TV on Sunday, “We believe that this tool is non-market, inefficient, grossly interferes with market instruments, contrary to all the rules, like those of the WTO, for example. We are not going to use price cap instruments. We are now working on mechanisms to prohibit the use of the cap.” He added that Russia will only sell its oil to countries “that work with us on market terms,” even if it means reducing output (RT – 5 December 2022).

This at first sight looks indeed like Arrogance no end. Neither the EU or the G7 are based on International Law. The EU is described as a unique partnership between 27 European countries, known as Member States, or EU countries. Together they cover most of the European Continent and are home to close to half a billion people (Wikipedia).

Without an International Law base, the EU has political institutions, social and economic policies, which transcend nation states for the purpose of cooperation and human development. According to its [the EU’s own] Court of Justice, the EU represents “a new legal order of international law” (Wikipedia). This “new legal order” has never been ratified by the United Nations.

The legality of the G7 is described by Google as an informal grouping of wealthy Western nations. It has no permanent secretariat or legal status (Oct 11, 2022). The G7, though are intimately linked to the obtuse Council on Foreign Relations.

The G7 are all those countries that are part of the core-Matrix of neoliberal globalism, those who play along with the UN Agenda 2030, alias the Great Reset towards a One World Order.

Russia, who used to be a “member” of the G7, was dismissed years ago when Moscow departed from the western aggressive warrior and all-dominating globalist agenda. Russia, like China, aims for a multipolar world while preserving national sovereignty.

The EU / G7 double-speak sanctions on Russia, “no energy from Russia”, yet semi-clandestinely filling up their gas deposits with Russian hydrocarbons, before the self-imposed embargo date of 5 December.

Since there is no other reasonable alternative for Russian energy, not in the foreseeable future Europe seems to be hellbent to destroy her economy.

The deception agenda, where people are being lied to, like energy shortages, the need to survive a potentially geoengineered weaponized cold, is alienating and gradually waking up more people. We are talking about a winter which is meant to kill the weak, the infirm and the old — the useless eaters (Hariri, Klaus Schwab associate, WEF).

On Sunday, 4 December, Russian Deputy Prime Minister Alexander Novak said, “Russia won’t sell at the price limit agreed by the EU and the G7”. A day earlier the Kremlin spokesman Dmitry Peskov Kremlin also said it will not recognize the arbitrarily set western U$ 60 /barrel price cap.

What’s next?

Europe’s full reservoirs will be used to keep her industry alive for a while. In the meantime, private citizen will have to follow strict maximum home temperature mandates. In other words, freezing. The disease-vulnerable and poor may not survive – another step into the criminal eugenist agenda.

The EU / G7 “price cap” in the end may be nothing more than a propaganda gimmick to make the public at large believe its Russia’s fault when they freeze to death. All the while, the EU industry keeps turning out consumables for the rich and for profit of the oligarchs.

In a poll taken by the German “Der Spiegel”, one of four families will not buy any Christmas presents – they cannot afford it. This brutal reality is not much different in other European or Global North country.

Here may be the other, real reason for banning Russian oil and gas:

When the President of Sri Lanka in conformity with the Great Reset’s World Order, stopped imports of fertilizers to “bring back sustainable agriculture”, the country’s agriculture collapsed. No harvest, no local food. Mass famine, related diseases and death.

Is the EU embargo on Russian oil and gas based on a similar wicked scheme of agriculture destruction? No nitrogen-based fertilizers, massive crop reduction, collapsing farms, food shortages, famine, diseases – and death.

It would not be a surprise. A few weeks ago, the Dutch Government has decided against yearlong farmer and public protests, to close down 3,000 farms, about a third of the Netherlands’ farmland.

Is killing agriculture part of the real agenda behind the EU’s hypocritical sanctioning of Russia for a war which is constantly fueled by EU, NATO and US weapon deliveries? Shamelessly, the west transfer tens of billions of dollars to the delight of the US war-industrial complex, but to the detriment of the Ukrainian people and of peace and ultimately for a sinister, diabolical agenda of mass killing — back to the Rockefeller-Gates eugenics cult of close to hundred years ago.

There is still time to stop this ferocious onslaught on people’s lives.

Only we can stop it, by detaching from the Matrix, from a system that CANNOT – ever be reformed, but must be shed aside. With new human spirituality, we must face the stark reality – that only a new begin can salvage humanity. Live Local! We can do it. Solidarity and sovereignty work hand in hand. Even apart – we are connected by positive energy.


Note to readers: Please click the share buttons above. Follow us on Instagram and Twitter and subscribe to our Telegram Channel. Feel free to repost and share widely Global Research articles.

Peter Koenig is a geopolitical analyst and a former Senior Economist at the World Bank and the World Health Organization (WHO), where he worked for over 30 years around the world. He lectures at universities in the US, Europe and South America. He writes regularly for online journals and is the author of Implosion – An Economic Thriller about War, Environmental Destruction and Corporate Greed; and  co-author of Cynthia McKinney’s book “When China Sneezes: From the Coronavirus Lockdown to the Global Politico-Economic Crisis” (Clarity Press – November 1, 2020).

Peter is a Research Associate of the Centre for Research on Globalization (CRG). He is also is a non-resident Senior Fellow of the Chongyang Institute of Renmin University, Beijing.

Featured image is from

The original source of this article is Global Research

Copyright © Peter Koenig, Global Research, 2022

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.