G7 announces intention to impose price cap on Russian oil

The G7 finance ministers announced their intention to introduce a price cap for Russian oil, for which they want to create a "broad international coalition" and to prohibit the provision of any services for the sea transportation of Russian oil if it is sold at a price higher than the price cap agreed by the "broad coalition." 

This is according to a statement adopted on Friday in Berlin following the meeting of the G7 finance ministers, News.Az reports citing TASS. 

"We confirm our joint political intention to finalize and implement a comprehensive prohibition of services which enable maritime transportation of Russian-origin crude oil and petroleum products globally - the provision of such services would only be allowed if the oil and petroleum products are purchased at or below a price ("the price cap") determined by the broad coalition of countries adhering to and implementing the price cap," the statement says.

The document emphasizes that the purpose of the price cap is to reduce Russia's income and its ability to finance the special military operation in Ukraine.

"We invite all countries to provide input on the price capґs design and to implement this important measure. We seek to establish a broad coalition in order to maximize effectiveness and urge all countries that still seek to import Russian oil and petroleum products to commit to doing so only at prices at or below the price cap. We reaffirm our own measures to phase out Russian oil and products from our domestic markets and underscore that the price cap measure aims to relieve pressure on global oil prices," according to the document.


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