G7 leaders discussed the possibility of capping Russia’s energy prices.
The development of a mechanism has begun, with the help of which a price ceiling for Russia’s oil and gas will be introduced. This was announced on Tuesday, June 28, by French President Emmanuel Macron following the summit of G7 leaders in Berlin.
“The first mechanism to be considered is the establishment of a price ceiling for Russian oil. Such a mechanism does not exist today. Thinking about it has already begun. I support it. It’s a good idea. But there is a technical difficulty there Russia’s oil does not flow in a pipeline. ”It is sold in different countries. There is both crude and refined oil. How many countries process it. For this initiative to work, it is necessary to expand the alliance of consumers as much as possible … who will agree to it, set a ceiling on the price and achieve its effectiveness, “he said. Macron.
According to him, following the G7 summit, technical work should begin.
“Is it possible, after leaving the G7 summit, to press the button and announce that the price ceiling has already been set? No. This is not true, because the technical mechanism does not exist,” the French president said.
The same task is ahead for Russian gas. “It’s easier. It comes through the gas pipeline. And Russia’s ability to switch to liquefied gas is very weak. I also support it very much,” Macron said.
In addition, politicians urge energy consumers to better coordinate their actions to communicate with producers from a unified position. The coordination of large consumers will allow to better maintain prices for gas and oil, both crude and oil products.
Macron added that it raises many technical issues that will be discussed in the coming months both in the US and EU, and in general at the G7.
Under the US plan, Ukraine’s allies will pay Russia no more than the cost of production for its oil. Russia’s oil continues to flow into world markets, helping the global economy, but the Russian Federation will receive less money for it.
It was previously reported that during the 100 days of the war against Ukraine, Russia received 93 billion euros from energy exports.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.