G7 Confirms Intention To Introduce 'Price Cap' On Russian Oil

MOSCOW (UrduPoint News / Sputnik - 02nd September, 2022) The G7 finance ministers on Friday confirmed the group's intention to introduce a price cap on Russian oil and ban sea transportation of oil unless it is bought at a limited price.

"To deliver on this commitment, today we confirm our joint political intention to finalise and implement a comprehensive prohibition of services which enable maritime transportation of Russian-origin crude oil and petroleum products globally - the provision of such services would only be allowed if the oil and petroleum products are purchased at or below a price ("the price cap") determined by the broad coalition of countries adhering to and implementing the price cap," G7 said in a statement.

The G7 also said that it will develop "targeted mitigation mechanisms" to ensure that vulnerable countries will still have access to energy markets, including "from Russia."

"In line with G7 Leaders� commitments at Elmau, we continue to encourage oil producing countries to increase their production to decrease volatility in energy markets, and in this context welcome OPEC's recent decisions to increase output amid tight supply conditions," the statement read.