(Finance) – The finance ministers of G7 have approved the floor planning to set a ceiling on the price of oil which comes from Russia. “We confirm our common political intention to finalize and implement a global ban on services that allow the shipping of Russian oil and petroleum products globally,” the ministers explained in a statement. “The provision of such services will only be permitted if the oil is purchased at price fixed or below this price (“price cap”) determined by
a broad coalition of countries that adhere to the roof and implement it “, the statement continues.
The intention of the ministers is to implement the ceiling in line with the timing of the sanctions EU on Russian oil which depart on December 5th. For the moment, ministers do not set the boundaries of the ceiling, which will be set by the entire coalition that will apply it, based on technical inputs. “The price it will be communicated publicly in a clear and transparent way “, concluded the ministers.
“Agreement with G7Finance for a ceiling on the price of Russian oil. Above that price, it will not be able to enter the entire G7 area. Now expand European and global support to the price cap. Against extra profits destined for the war and to reduce oil prices. ‘energy “, the European Commissioner for Economic Affairs commented on the news, Paul Gentiloni. For Gentiloni, the G7’s support for the Russian oil price ceiling “is an important step towards two goals: deny Russia’s revenues to finance Putin’s brutal war against Ukraine and put downward pressure on global energy prices. ”
“There Commission it will play its part fully in working to achieve unanimity among our 27 member states to implement this measure in the EU, “he added.