The decision by the G7 finance ministers to approve a price cap on Russian oil exports by sea is an important step in achieving two goals: depriving Russia of revenue to finance Putin’s brutal war against Ukraine and putting downward pressure on global energy prices. This opinion was expressed after the G7 ministerial meeting on 2 September by European Commissioner for Economic Affairs Paolo Gentiloni.
The G7 ministers agreed that a price ceiling on crude oil from Russia will take effect from 5 December 2022 for crude oil and 5 February 2023 for oil products.
According to Gentilioni, the agreement builds on and further strengthens the EU’s sixth sanctions package: “It broadens the agreed ban to the entire G7, while enabling the continued sale of Russian oil on global markets – at low prices. The G7 will now work to establish a broad global coalition to finalise the design and level of the price cap and to implement it jointly, to maximise its effectiveness”.
Gentiloni added that the European Commission will play its full role in working for unanimity among the 27 EU member states to implement the measure in the EU in line with the agreed timetable.
“Putin is seeking to subjugate an independent nation through brutal military aggression and to cause insecurity in Europe and around the world by weaponising Russia’s energy exports. Today the international community of democracies has again shown its unity and determination that he will not succeed,” added Gentilioni.
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