G7 finance ministers agree Russian oil price cap | New

G7 finance ministers agree Russian oil price cap | New
G7 finance ministers agree Russian oil price cap | New

G7 finance ministers meeting for a summit in Elmau, Germany, said on Friday they had agreed to put in place price caps on Russian oil to prevent Moscow profiting from its war on Ukraine.

The initial ceiling price will be calculated and adjusted accordingly, the G7 finance ministers said.

U.S. Treasury Secretary Janet Yellen said in a statement that the price cap deal would help deal a major blow to Russia’s finances and hamper its ability in Ukraine.

The price cap contributes to “our dual purpose of exerting downward pressure on global energy prices while depriving Putin of revenue to fund his brutal war in Ukraine,” the statement said.

What did the G7 ministers say?

The German Ministry of Finance issued a joint statement noting that “today we confirm our common political intention to finalize and implement a comprehensive ban on services that enable the maritime transport of crude oil and petroleum products from Russian origin in the world”.

The statement concluded that “the provision of such services would only be permitted if petroleum and petroleum products are purchased at or below a price (“the ceiling price”) determined by the broad coalition of countries adhering to and implementing the price ceiling”.

The G7 ministers said they planned to “align implementation with the timetable for related measures under the EU’s sixth sanctions package”.

Japanese Finance Minister Shunichi Suzuki said he welcomed the price cap and wanted the deal to be implemented quickly. Suzuki also told reporters it could help offset rising energy prices and inflation.

“The implementation of a price cap is important. It is important to quickly deliver on what has been agreed,” Suzuki told reporters.

ar/wd (AFP, dpa, Reuters)

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. Ministers of Finance agree dun cap of prices oil Russian News

. finance ministers agree Russian oil price cap

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