We will tighten the rules for determining the Russian oil price ceiling
| The G7 countries announced that they will make it more difficult for the countries to adhere to and comply with the price ceiling for Russian oil. |
According to Webangah News quoted by Mehr News Agency, citing Sputnik, the Group of Seven (G7) countries announced after the end of the virtual meeting by publishing a statement that they intend to tighten the strictures regarding the price ceiling for the sale of Russian oil.
“We will continue to exert significant pressure on Russia’s revenues from energy and other goods,” the statement said. We will continue to take steps to intensify the compliance and implementation of the oil price ceiling.”
In another part of the statement of the Group of Seven countries, it is emphasized that “while we are trying to maintain the stability of (oil) supply, we will respond to price ceiling violations” We will, including by imposing additional sanctions against those who engage in fraudulent activities during the transportation of Russian oil and against the networks that Russia has created to extract additional revenue from price ceiling violations.”
The G7 leaders further added: We will continue to take measures to limit Russia’s energy revenues in the future. We will continue to block the development of future Russian energy projects and disrupt the country’s development of alternatives for energy transportation and other services.
In this statement, it is also emphasized that the Group of Seven will try to reduce Russia’s income from metals. The meeting of the leaders of the Group of Seven was held virtually yesterday, Saturday.
