World G-7 nations agree to plan to impose price cap...

G-7 nations agree to plan to impose price cap on Russian oil

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Sept. 2 (BP) — A Friday agreement by the G-7 group of wealthy nations will attempt to cap the price for Russian oil, according to a joint statement from G-7 countries.

The G-7 statement said, “The price cap is specifically designed to reduce Russian revenues and Russia´s ability to fund its war of aggression whilst limiting the impact of Russia’s war on global energy prices, particularly for low and middle-income countries, by only permitting service providers to continue to do business related to Russian seaborne oil and petroleum products sold at or below the price cap.”

The price cap mechanism will be implemented by the G-7 — United States, Germany, Britain, Canada, France, Italy and Japan. They confirmed “our joint political intention to finalize and implement a comprehensive prohibition of services which enable maritime transportation of Russian-origin crude oil and petroleum products globally.”

But China has increased its Russian oil imports by 55% as Russia has developed new trade to counteract western nation sanctions.

The G-7 attempt to cap Russian oil prices could fail if both China and India continue to buy large volumes of Russian oil.

Russia has warned it would cease sales of its oil to countries that impose price caps.

The G-7 statement said, “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. We call on them to continue action in this regard.”

The G-7 said they remain steadfast in support for and solidarity with Ukraine as it defends against the Russian invasion and occupation. And they said, “We will continue to stand with Ukraine for as long as it takes.”

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