The price restriction will be effectively implemented through a general ban on the provision of services enabling the maritime transport of products of Russian origin.
Euskaraz irakurri: Errusar petrolioaren prezioa mugatzea adostu du G7ak
The Group of Seven (G7) has agreed on the establishment of a Price restriction on Russian oil and other derivativesaccording to the statement published by the club of countries at the end of the meeting of finance ministers that took place this Friday.
The price restriction will be effectively implemented through a blanket ban to provide services enabling the maritime transport of these products of Russian origin. Transportation services are allowed only if the oil and derivatives are purchased at a price equal to or less than the price set by the coalition.
In their statement, the finance ministers of the G7 countries they did not detail the limit price; they only indicated that the figure will be determined based on a series of technical details. “The price cap will be communicated publicly in a clear and transparent manner,” the G7 has indicated. In addition, these prices will be revised if necessary.
The club of countries including the US, UK, France, Italy, Canada, Germany and Japan, with the EU as a guest, ensures that this measure is “specifically designed” to reduce Russia’s income and its ability to finance the warwhile limits the impact on global energy prices.
However, the Russian Deputy Prime Minister, Alexander Novak, already warned on Thursday that Russia would not export oil to a country that adheres to this price restriction.
For its part, the European Union has expressed its support for this measure, as strengthen sanction packages approved in recent months.
According to data from the International Energy Agency, Russia earned $95 billion (EUR 94.87 billion) from oil and gas exports to the European Union alone between March and July, almost twice as much as in previous years.
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Source: EITB
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.
