The heads of finance departments of the G7 countries will meet on Friday, September 2, to approve this plan and decide on a date.
The finance ministers of the G7 countries may soon release a plan to set price limits for oil exported by Russia, reports The Wall Street Journal, citing its own sources.
It was noted that the heads of the finance departments of the G7 countries will meet on Friday, September 2, to approve this plan and determine the time frame for its implementation.
The proposed measure could be an effective way to reduce Russia’s revenues from the sale of energy resources. At the same time, some problems are pointed out in the way these restrictions are implemented.
According to the plan, the publication clarified, the G7 countries will ban the financing and insurance of Russian oil supplies, unless it is bought at a set price. These countries account for no more than 30% of the global financial system and ensure more than 90% of the world’s transportation.
“Our goal is to create a permitting system that will allow Russian oil to flow, but will reduce Russian revenues,” said US Treasury Secretary Wally Adeem.
Among the important details still being discussed is the price at which a cap can be set. Officials are seeking a balance between limiting Russian revenues and maintaining an incentive for Russia to sell its oil.
The price cap plan will also cover petroleum products, including gasoline, another important source of Russian export revenue.
Remember that in the Russian Federation they threatened not to supply oil to some countries and said that the idea to limit the price of Russian oil is completely absurd.
The G7 introduced a cap on oil prices in Russia. 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.