The deal has arrived: the G7 finance ministers will introduce a price ceiling for crude oil and petroleum products of Russian origin.
The initial maximum price will be established on the basis of a series of technical inputs and the price level will be revised if necessary. “We aim to align implementation with the timing of related measures within the sixth EU sanctions package,” ministers added in a joint note.
The price ceiling should therefore come into force in line with the EU embargoes on Russian oil imports: December 5 for crude oil and February 5 for refined products.
“Russia is benefiting economically from the uncertainties related to the war on energy markets,” German Finance Minister Christian Lindner told reporters after the meeting. “Russia is currently making high profits from exporting commodities such as oil and we want to strongly oppose it,” he added..
“The price cap is specifically designed to reduce Russia’s revenues and its ability to finance its war of aggression, limiting the impact of the Russian war on the world, particularly on low-income countries”, G7 ministers explain. in the final statement. The challenge is to bring together as many countries as possible because the price cap will only work if all the main buyer countries participate. To this end, the G7 “invites all countries to express their opinion on the design of the price cap and to implement this important measure”, in order to establish “a broad coalition” to maximize the effect of the measure.CopyAMP code