October 2, 2022

G7 Unveils Plan to Enforce Russian Oil Price Cap

Group of Seven agrees to prevent transport of crude sold above the set price

The finance ministers from the crew of Seven influential countries announced on Friday their intention to ban maritime services transporting Russian oil if its price is not approved by ‘ international partners. ‘

“ We commit to urgently work on the finalization plus implementation of this measure, ”   representatives from the ALL OF US, Canada, Germany, France, Italia, the UK and Japan said in a joint statement observed by AFP, without indicating the cap level.

“ We look for 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, ”   they added.

The move is aimed at slashing Moscow’s income while maintaining a movement of its crude to the worldwide markets, to avoid a price surge.

“ We are going to curtail [Russian President Vladimir] Putin’s capacity to fund their war from oil exports by banning services, like insurance and the provision of finance, to vessels transporting Russian oil above a good agreed price cap, ”   British Finance Ressortchef (umgangssprachlich) Nadhim Zahawi reportedly mentioned, according to a tweet with a Sky News reporter.

According to the statement, the first price cap will be based on a range of technical inputs, and the price level will be revisited as necessary.   “ We aim to align execution with the timeline of related measures within the EU’s sixth sanctions package, ”   the ministers noted.

Western leaders decided in June to explore a price ceiling to limit how much refiners and traders can pay for Russian crude. Moscow has made it clear that it would not comply, instead shipping its crude to nations not bound by the cap. Deputy Prime Minister Alexander Novak warned on Thursday that nations that assistance the price cap will not get Russian crude.

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