America and Europe were finally left alone with their sanctions + video

– The Western world was left alone with its sanctions. The large oil-producing countries, as well as China and India, spectacularly reject the requests of the United States, so the punitive measures are a bigger burden than expected for the West and less for Russia, Olivér Hortay said in a video uploaded to his social media page. The head of Századvég’s energy business reminded us about the details: in the recent period, US President Joe Biden lost two important energy policy fronts.

– First of all, the oil majors were not willing to increase their production sufficiently, even though the United States did everything to do so. Joe Biden, for example, even personally visited the Saudi crown prince, whom he previously called a murderer. However, the economic power of the Organization of the Petroleum Exporting Countries (OPEC) overcame the foreign policy influence of the United States. In the meantime, the oil company of Saudi Arabia has become the most valuable company in the world, and last but not least, these states have not forgotten the previous insults, so they did not stand on the ropes, explained the expert.

He also said that the United States has been working for months to introduce a global price cap that would hit Russian oil shipments. The measure would only make sense if all major buyers joined it, otherwise Russia would continue to easily find new markets for its products.

At the last G7 meeting, China and India demonstratively rejected the initiative, leaving America and Europe alone with their sanctions.

– As a result of the failures, the West is dealing with an increasingly serious shortage of raw materials, Russia is going through the sanctions, and the East is getting new sources of procurement – emphasized the business manager.

He highlighted:

The United States seems to have lost much of its foreign policy influence. The European Union remains the last major region that implements America’s proposals even when it is against its own interests. Everyone has a different sovereignist position.

In the long run, the United States can be compensated for the damage caused by the failed sanctions by its new position on the European energy market. But what will compensate the European Union? asked the expert.

According to Olivér Hortay, we are in trouble today precisely because the majority of European leaders have still not asked this question.

“The United States is Europe’s most important ally, but the continent must start representing its own interests, because everyone else is doing the same,” he finally added.

Cover photo: Joe Biden, President of the United States of America (Photo: Europress/AFP/Drew Angerer)

Source: Magyar Nemzet by

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