G7 finance ministers agreed to introduce a maximum limit at the price of crude oil and petroleum products of Russian origin. This is what is stated in a joint statement issued at the end of the meeting.
The maximum initial cost will be established on the basis of“a series of technical inputs and will be decided by the entire coalition before its implementation”guarantee the signatories of the agreement, also establishing that the price level, “communicated publicly in a clear and transparent way” it can be revisited if this becomes necessary. “We aim to align implementation with the timing of related measures within the sixth EU sanctions package”ministers declare, as reported by Reuters.
“On the top of the price of oil, we want to build a broad coalition, beyond the G7, we want to convince all EU countries and beyond”the German finance minister added Christian Lindneras reported by Handle. The important “is that good results are achieved quickly. The G7 want a ceiling on the price of oil”. “Russia is currently making high profits from the export of commodities such as oil and we want to strongly oppose”he specified again.“The price cap is specifically designed to reduce Russia’s revenue and its ability to finance its war of aggression by limiting the impact of the Russian war on the world, particularly low-income countries.”concluded Lindner.
“Agreement at the G7 Finance for a ceiling on the price of Russian oil”commented on Twitter the European Commissioner for Economy Paolo Gentiloni. “Above that price, it will not be able to enter the entire G7 area. Now expand European and global support to the price cap”he added in conclusion, “against the extra profits destined for war and to reduce energy prices”.
The price cap should therefore come into force more or less in line with the timing of the European Union embargoes on imports of Russian oilor December 5 for crude oil and February 5 for refined products.
“The ceiling on the price of Russian oil is one of the most powerful tools to fight inflation”the US Treasury Secretary said in a press release Janet Yellen. By acting this way “The G7 has taken a fundamental step towards achieving our double goal of lowering pressure on energy prices and denying Putin the revenues to finance his brutal war in Ukraine”.CopyAMP code.
The statements of von der Leyen and Medvedev
“The electricity market is no longer functional because it is seriously upset by Putin’s manipulation”said this morning, on the sidelines of a meeting between conservative parliamentarians of the CSU / CDU in Germany, the president of the European Commission Ursula von der Leyen. “This is why we need to take a step forward. First of all, energy saving is the top priority. There is too little energy globally. Putin prefers to burn gas rather than contractually supply it to Europe or other regions.”added von der Leyen, “so save energy wisely, especially at peak times, so you don’t need gas”.
Russian gas “there will be no more” in Europe if the European Union were to impose the price cap as threatened. The deputy head of the Russian Security Council explains it bluntly Dmitry Medvedevaccording to what is reported by the Tax. Commenting on the call for a cap on Russian gas prices, Medvedev warned: “It will be like oil. There will simply be no more Russian gas in Europe”.