Price Cap On Russian Oil Shows Ukraine Response Solidarity - US State Dept. Energy Chief

WASHINGTON (UrduPoint News / Sputnik - 22nd September, 2022) The multilateral price cap on Russian oil planned by western governments demonstrates international unity in imposing consequences on Moscow for its special military operation in Ukraine, Under Secretary of State for Economic Growth, Energy, and the Environment Jose Fernandez said on Wednesday.

"With respect to the price cap, it's a global effort to ensure oil supply while limiting the benefit to Russia," Fernandez said during a press briefing. "It's yet another example of this unprecedented solidarity that's been engendered by Russia's aggression.

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Earlier this month, G7 finance ministers confirmed their intention to impose price caps for Russian oil and called on all nations to support the initiative. The price cap is planned to take effect on December 5 for crude oil and on February 5 of next year for refined products coming from Russia.

Moscow, in turn, has pledged to altogether stop exporting Russian oil to the states that impose a price cap.

The measure is intended to impede Russia's ability to use energy export revenues to fund their special military operation in Ukraine, according to Fernandez.