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G7 close to capping Russian oil prices – joint statement

At present, the introduction of a ban on the purchase of Russian oil above the agreed price and its transportation is being agreed, the joint statement by the foreign ministers of the G7 countries, published on Tuesday, August 2, reports DW.

“We continue to consider a number of approaches, including options for a complete ban on all services that allow the transportation of Russian oil and oil products around the world by sea, except for cases when this oil is purchased either at a price to be agreed upon in consultations with international partners, or at another lower price,” the document says.

Read also: How the G7 will stop Russia

The Foreign Ministers of the G7 countries note that, along with this, mechanisms are being considered that will allow the most vulnerable countries to maintain access to the Russian energy market.

So about “oil embargo” With regard to the Russian Federation, we are no longer talking. The idea of ​​introducing marginal prices for Russian oil was put forward at G7 leaders summit at the end of June. However, German Federal Chancellor Olaf Scholz called the G7 plan “very ambitious” and requiring further elaboration.

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