The G7 countries unanimously adopted a ceiling on the price of Russian oil

G7 countries to back Russian oil price cap in bid to curb Kremlin’s export earnings and ability to fund its war on Ukrainereports the Financial Times.

The finance ministers of the United States, Britain, France, Germany, Italy, Canada and Japan will formally give their political support for such a move at a virtual meeting later today, five officials familiar with the talks said.

However, the level of the price ceiling is still under discussion.

The curb mechanism will be introduced at the same time as the EU embargo on Russian oil imports, two of the officials said. The measure will take effect on December 5 for crude oil and on February 5 for refined products.

Importers seeking insurance coverage and transport services from companies based in G-7 and EU countries to transport Russian oil will have to comply with the price cap.

USA: The G7 is considering a ceiling on the price of Russian oil

A price cap would be the biggest blow to Putin

Although it has been approved by the European Commission, the envisaged system still needs the support of the EU member states because will require a change to the Union’s sixth package of sanctionswhich was adopted after difficult negotiations.

Support for third countries that buy large quantities of Russian oil, such as India, will also be important for the cap to be most effective. A European official expressed hope that other countries would join the initiative in the coming days, adding that the level of the price ceiling would be set jointly by all participating countries.

G7 leaders agreed to study capping Russian oil and gas prices

This is an attempt to limit Moscow’s ability to finance its invasion of Ukraine

A price ceiling ensures that each country can get the lowest possible price, and that’s good for the worldsaid James O’Brien, sanctions coordinator at the US State Department.

Energy prices have jumped since Russia’s invasion of Ukraine in February, which prompted Western economic sanctions against Moscow and prompted countries to stop buying Russian oil. The price hike brought the Kremlin a windfall from exports.

Over the past three months, oil prices have calmed down, in part because Russian exports are holding up better than expected, and because of fears that rising natural gas prices could lead to a recession in Europe. The price of Brent crude fell from around $120 a barrel in early June to around $94 a barrel – close to the pre-war level.

Yesterday, Russia warned that it will stop supplying oil and oil products to countries that impose a price ceiling on its raw material.

Russia will not supply oil to countries that supported the price ceiling

Russia will not supply oil to countries that supported the price ceiling

Russia expects the EU oil embargo in December

The article is in bulgaria

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