G7 finance ministers agree to cap oil and gas prices from Russia

Japanese Finance Minister Shunichi Suzuki said that the G7 finance ministers unanimously decided to set a price ceiling for oil and gas supplies from Russia.

“The G7 finance ministers have agreed to set a ceiling on the price of Russian oil today during a video conference,” the Japanese minister said in a statement.

In addition, the finance ministries of the G7 countries confirmed their intention to ban the shipment of Russian oil and oil products unless they are purchased at a limited price.

The G7 countries also stressed that in addition to restrictions on oil, they will develop mechanisms that will allow vulnerable countries to maintain access to energy markets, including from Russia.

Western countries, against the backdrop of a Russian special operation in Ukraine, continue to seek to reduce Russia’s income from energy exports, and the European Union has already adopted a set of sanctions, including a ban on the supply of coal and oil, and at the same time, at one time, disruption of supply chains led to a sharp increase in prices for fuel and food in Europe and the USA.

Earlier, Kremlin spokesman Dmitry Peskov warned of the consequences of the G-7 imposing a ceiling on the price of a barrel of Russian oil and said that this move would lead to a significant destabilization of the market.

Source: RIA Novosti

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