(Finance) – Il price Postal Code on the petrolium Russian transported by sea has reduced the come in for them speakers of Moscow by 45% from January to August this year, compared to 2022. This was stated in a joint statement by members of the Price Cap Coalition – Australia, Canada, European Union, France, Germany, Italy, Japan, United Kingdom and United States – released today. “The price ceiling minimizes the negative economic impacts of Russia’s war of aggression, particularly on low- and middle-income countries – they underlined –. Furthermore, this policy reduces Russia’s ability to finance its war illegal of aggression against Ukraine. The policy also allows industry around the world – particularly importers from developing countries – to negotiate Russian oil prices lower than the prevailing market price.
The effectiveness of the measure was supported yesterday by the US Treasury Secretary Janet Yellen on the sidelines of the International Monetary Fund and World Bank meetings in Marrakech, Morocco. Yellen had therefore stressed the need to continue imposing severe costs and escalating attacks on Russia due to its war in Ukraine.
The G7 of finance ministers also reiterated the halt support to Ukraine. “We are united in condemning Russia’s illegal, unjustifiable and unprovoked war of aggression against Ukraine,” the joint statement read. The ministers then urged Russia “to end its attacks on supplies and at infrastructure Of grain Ukrainians and to quickly reinstate the Black Sea Grains Initiative to improve supply to the global market and reduce food price volatility. We call on Russia to immediately end its illegal war against Ukraine.”
The Price Cap Coalition also published a notice on safety maritime “to promote responsible practices in the marine oil industry and improve enforcement of price limits on crude oil and products oil“. “By adopting the recommendations contained in previous consultative documents and guidelines, industry stakeholders can reduce their exposure to possible risks associated with recent developments in maritime oil trade,” the statement emphasizes.
The Coalition therefore underlined the risks deriving from violation from the rules on the price ceiling. “In the ordinary course of business, Coalition service providers may interact with market participants in other jurisdictions. Where we have evidence that companies or individuals are engaged in unlawful or deceptive practices relating to shipments of crude oil and petroleum products of Russian origin, we will respond in accordance with the respective restrictive measures established by the coalition members,” warn the member countries of the Price Cap Coalition.