The G7 countries have developed a mechanism by which Russia’s oil cannot be bought at a price higher than half its current purchase price.
Japanese Prime Minister Fumio Kishida said that the highest oil price in the Russian Federation after the introduction of forced restrictions on its cost by the G7 will not exceed half the current purchase price. Kishida’s corresponding words on Monday, July 4, were quoted by Japan Today.
It was noted that the Prime Minister of Japan announced the creation of a special mechanism, thanks to which Russian oil can not be bought at a higher price than prescribed in the joint agreement.
It is assumed that international companies can only bring Russia’s crude and oil products around the world if it is purchased at a fixed price. The oil price cap is expected to give more impetus to the existing sanctions imposed on Russia.
“We are faced with a serious situation where the world order is being violated. We must show that a high price has to be paid for aggression,” the Prime Minister said.
Kishida also noted that Russia’s war against Ukraine has led to a sharp rise in prices for major groups of consumer goods around the world.
Earlier, US President Joe Biden promised a “big problem” for oil from Russia. The US and its allies will not provide insurance to Russian tankers carrying oil. This will interfere with the transportation of this energy source.
The G7 introduced the ceiling on Russia’s oil price. What does this mean
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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.