The G7 countries will set a maximum price for oil from the Russian Federation, and it will be approximately half the current price
The leaders of the G7 countries during the last summit in Bavaria agreed to introduce another mechanism of restrictions against Russia – this time it is about the collapse of the price of Russian oil. This was stated by Japanese Prime Minister Fumio Kishida on Sunday, July 3, Deutsche Welle reports with reference to Kyodo.
“We will set the upper limit at the level of approximately half of the current price and create a mechanism that will not will allow to buy it at a higher price,” said Fumio Kishida.
The option of banning all services for the transportation of Russian oil, if it is sold at a price higher than the limit, is being considered. The upper limit will be agreed upon through consultations with international partners.
Read also: Biden said that the USA and the EU are discussing the condition under which the purchase of Russian oil will still be possible. And what about the embargo?
Remember, in the sixth package of anti-Russian sanctions the European Union introduced a partial embargo on Russian oil. Subsequently, the European Commission published an explanation regarding it. It turned out that not only oil from the Russian Federation in its pure form will fall under the ban, but also in the composition of mixtures – the so-called blends, which are now actively used in Europe.
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