Moscow: The Group of Seven (G7) leading Western economies reached an agreement on Tuesday to set a price cap on Russian oil exports, Politico reported, citing unnamed officials.
The details of the agreement have not been revealed. However, according to reports, the US suggested lifting sanctions on insurance for ships that transport Russian oil only if countries agreed to buy it at a settled maximum price, thus enforcing a price cap, RT reported.
G7 member states also rejected the idea of a worldwide price cap on oil prices, proposed by French President Emmanuel Macron on Monday. The proposal was reportedly waived by the US and Germany, and France had agreed to withdraw it.
The agreement comes as Western countries are trying to deal with rising energy prices and inflation as a result of their sanctions and embargoes on Russian oil.
While the restrictions are aimed at depleting the “Russian war chest” allegedly used to fund the ongoing military operation in Ukraine, Moscow has been earning more money from its energy exports than prior to the sanctions due to higher prices, RT reported.
The idea of a price cap was first introduced by US Treasury Secretary Janet Yellen earlier this year, and then taken up by the G7, which has reportedly been holding “constructive” talks on the matter over the past three days, at its annual summit in Germany.
(IANS)
Ms Kalinga
The level of stupidity displayed by these clowns cannot be believed.
Russia will happily close down ALL oil to Europe and sell it to India. Who will then put it into other ships and sell to Europe at 150%.
Europe has to import oil. It has no choice. Whatever the price it will literally die without tons and tons of oil.
Only Russia has capacity. Arabia and Middle East is running at +85% at most they can provide 1.5 million bpd. Venezuela is running at 90% since the US stopped Caracas from maintaining the oilfield equipment.
US Oil, Shale and Tar sands have all been economically destroyed by Biden.
These morons believe that they can hurt Russia, but like in Chess, every move they make is used by Putin to make things worse for the West and better for Russia.
The only “winner” at the moment are the US arms manufacturers, they are coining profits 24/7 and will continue to steal from Western taxpayers until they are stopped.
“”The Group of Seven (G7) leading Western economies reached an agreement on Tuesday to set a price cap on Russian oil exports””
sorry G7, but if you want to buy russian oil then you will have to play by russian rules