G-7 to limit Russian oil revenues with price caps

2 September, 05:13 PM
Vladimir Putin (Photo:REUTERS)

Vladimir Putin (Photo:REUTERS)

G-7 countries will introduce price caps on Russian oil imports, starting on Dec. 5, Bloomberg reported on Sep. 2, quoting a joint statement from G-7 finance ministers.

“We confirm our joint political intention to finalize and implement a comprehensive prohibition of services which enable maritime transportation of Russian-origin crude oil and petroleum products globally,” the statement reads.

The move aims to both curb surging global energy prices and limit Moscow’s revenues from oil exports.

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The new restrictions are designed to coincide with EU sanctions of Russian oil, which come into force on Dec. 5.

No exact figures on what the marginal prices would be were given at this point.

“The initial price cap will be set at a level based on a range of technical inputs, and will be decided by the full coalition in advance of implementation in each jurisdiction,” the message said.

Russian deputy PM Alexander Novak earlier said that Russia won’t export oil to countries that insist on any such price restrictions.

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