G7 to ‘urgently’ implement Russian oil price cap

G7 to ‘urgently’ implement Russian oil price cap
G7 to ‘urgently’ implement Russian oil price cap
The G7 industrialized powers said on Friday they would “urgently” move towards putting in place a price cap on Russian oil imports, to prevent Moscow raking in huge profits from soaring energy prices.

Finance ministers from the advanced Group of Seven countries said in a statement that they would “work urgently to finalize and implement” the measure, without specifying the level of the cap.

“Russia is profiting economically from the uncertainty on the energy markets caused by the war and is making big profits from the export of oil and we want to counter this decisively,” said the German finance minister, Christian Lindner, during a press conference.

The G7 countries wanted to “limit Russia’s revenue and reduce the economic damage to our societies,” Lindner said.

The purpose of the oil export price cap was “to stop an important source of financing the war of aggression and to contain the rise in world energy prices”, he added.

The G7 sought to form a “broad coalition” of support for the oil price cap to “maximize” the measure’s effectiveness, the finance ministers said.

The initial price cap would be set “at a level based on a range of technical inputs”, they said, adding that its effectiveness would be “closely monitored”.

G7 leaders agreed in late June to work to implement the crude sales cap, deplete Moscow’s war chest and drive down global energy prices.

A G7 official explained in July that the maximum price would remain higher than the cost of production, so it would not make economic sense for Moscow to deny oil to importing countries.

Getting as many countries as possible to agree to the cap is expected to be a key topic of discussion by leaders at the G20 summit in Bali on November 15-16.

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