Former U.S. Treasury Secretary Steven Mnuchin has called the Group of Seven’s plan to place a price cap on Russian oil “ridiculous.”
The veteran cabinet member from the Trump administration was speaking with CNBC’s Hadley Gamble on a panel at the Milken Institute’s Middle East and Africa Summit.
In addition to being a former Goldman Sachs partner, Mnuchin now works in private equity investing.
Mnuchin panned the proposal to cap prices as “not only not feasible, I think it’s the most ridiculous idea I’ve ever heard.”
He explained that that imposing sanctions on Russia and its officials now would have far less of an impact than if they were implemented before the war started….