President Joe Biden and British Prime Minister Rishi Sunak announced the agreement Wednesday as part of a larger effort to reduce global dependence on Russian energy exports, stabilize Western energy markets and step up collaboration on energy efficiency, nuclear power and renewables. The U.K.-U.S. Energy Security and Affordability Partnership will be steered by a new group led by senior British and White House officials.
“During this global energy crisis brought on by Russia’s illegal invasion of Ukraine, it is more important than ever for allied countries to deepen their cooperation to ensure resilient international systems which reflect our shared values,’’ Biden and Sunak said in a joint statement. The effort comes after the Group of Seven major industrial nations, the European Union and Australia last week adopted a $60-per-barrel price cap on Russian oil, meant to both prevent price spikes and starve Russian President Vladimir Putin of funding for his war in Ukraine.
As a result, “Russia has reaped a windfall from elevated oil prices — which has enabled it to fund brutal military operations and sustain its illegal and unjust war against Ukraine, all while the rest of the world bears the costs of higher energy prices,’’ she said. The price cap policy is designed to “limit Russia’s ability to profit from its aggression, while promoting global energy stability by keeping Russian oil on the market,” Rosenberg said at an anti-corruption conference.
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