G-7 pledges to move forward with Russia oil price cap system
In a statement issued by Germany, which chairs the G-7 this year, the ministers said they “confirm our joint political intention to finalize and implement a comprehensive prohibition of services which enable maritime transportation of Russian-origin crude oil and petroleum products globally.”
The statement did not give any proposed figure for a potential price cap and also did not specify when the G-7 aims to finalize the plan. It said that “we invite all countries to provide input on the price cap’s design and to implement this important measure,” calling for a “broad coalition in order to maximize effectiveness.”When they, G-7 leaders agreed to explore a price cap but said the idea needed further discussion, a testimony to the complexity of implementing it.
Russian Deputy Prime Minister Alexander Novak has said Russia will refuse to sell oil to countries or companies that observe the cap. U.S. Treasury Secretary Janet Yellen said that the G-7 had taken “a critical step forward” and that “today’s action will help deliver a major blow Russian finances and will both hinder Russia’s ability to fight its unprovoked war in Ukraine and hasten the deterioration of the Russian economy.”
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