G7 Decision To Cap Prices On Russian Oil Made Unanimously - Japanese Finance Minister

The decision to impose limits on prices for Russian oil was made unanimously at the online meeting of the G7 finance ministers and the heads of the central banks, Japanese Finance Minister Shunichi Suzuki said on Friday

MOSCOW (UrduPoint News / Sputnik - 02nd September, 2022) The decision to impose limits on prices for Russian oil was made unanimously at the online meeting of the G7 finance ministers and the heads of the central banks, Japanese Finance Minister Shunichi Suzuki said on Friday.

According to the minister, the goal of imposing price cap is to limit Russia's income from energy sources, and Japan believes that this measure will be "effective."

The price ceiling will take effect on December 5 for crude oil and on February 5, 2023, for refined products coming from Russia. The European Commission has already said that it would also make efforts to impose price cap on Russia's oil by December following the G7 decision.

On September 1, Russian Deputy Prime Minister Alexander Novak condemned the idea of a price cap on Russian oil as absurd, warning that Moscow would not deliver oil and oil products to countries that support the decision.

Over the past months, the sanctions imposed by the West on Russia in retaliation for its military operation in Ukraine sent food and energy prices soaring, triggering record-high inflation in some countries.