The G7 countries will work to create a broad global coalition to impose a ceiling on the price of Russian oil.
The European Commission plans to introduce a price limit for Russian oil in all EU countries, and not only in the G7 countries, said Paolo Gentiloni, European Commissioner for Economics, on Friday, September 2.
He noted that this restriction reinforces the EU’s sixth package of sanctions.
Gentiloni recalled that the G7 will work to form a broad global coalition to complete the formation and level of the price cap, and jointly implement it.
“The Commission will play its full role in working to reach a consensus among our 27 member states for the implementation of this proposal in the EU. Our aim is to do this in accordance with the timetable agreed under the sixth EU sanctions package, ie 5 December 2022 for crude oil and 5 February 2023 for petroleum products,” the Commissioner said.
It should be noted that Russia has threatened not to supply oil in response to price restrictions.
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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.