The initiative comes hours after G7 countries agreed to cap the price of oil from the country as a way to put pressure on Putin
Attempts at intervention by international institutions to tackle the energy price crisis continue to take place after several weeks of record costs and at the gates of a winter that seems very complicated. The countries that make up the G7 group reached an agreement this Friday to impose a price cap on Russian oil and other derivatives, as decided by their finance ministers.
The price restriction will be effectively implemented through a general ban on the provision of services enabling the maritime transport of these products of Russian origin. The provision of transportation services is permitted only if the oil and its derivatives are purchased at a price equal to or lower than the price set by the organization.
Brent’s price, which has fallen in recent days, recovered significantly after this announcement was made this Friday. It appreciated 3% and closed the session at around $94 a barrel. According to data from the International Energy Agency, Russia received $95 billion from its oil and gas exports to the European Union between March and July alone, almost twice as much as in previous years.
The G7 announcement comes just three days after European Commission President Ursula von der Leyen anticipated the need for “urgent intervention” in the community’s electricity market to enact new pricing rules in the face of the increase in the number of gas. The main meeting will be on Friday 9 September, when energy ministers from across the EU will meet to address this measure.
Meanwhile, this Friday afternoon, Russia decided to suspend the NordStream’s supply until further notice due to a leak. The gas giant had already temporarily halted supply for maintenance reasons and explained on Friday that new problems had been identified in the only turbine that was still operating.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
