industrialized countries club The G7 and Australia agreed on a ceiling of $60 a barrel on Friday. raw russian It is transported by sea in line with the decision of the European Union (EU) countries. The United States, Canada, Japan, the United Kingdom, Italy, France and Germany, which currently holds the rotating presidency, have announced that with this step, they aim to prevent Russia from “taking advantage of its war of aggression against Ukraine”. Also, the measure, which will take effect on or “soon”, “aims to promote stability in global energy markets and minimize the economic effects of Russia’s aggressive war, especially for low- and middle-income countries.” ”
Sevens club members to enforce the decision prohibit shipping companies from providing services that allow the global shipment of Russian crude oil and derivatives unless purchased at or below the stated price. “We reiterate our intention” Extracting Russian origin crude oil and petroleum products from our domestic markets. This commitment is not changed by the application of the cap.”
On the contrary, the G7 said the measure was aimed at limiting Russia’s revenues while allowing stable energy supplies to third countries. The economic interests of these third countries are not harmed, as imports below the ceiling would “help cut energy prices and limit Russia’s ability to continue to enjoy the extraordinary profits it has made from the war.”
While the upper limit will come into effect from Monday, 5 December, a temporary exception will be added to allow transactions affecting the crude oil loaded on the relevant vessel prior to that date. The Yediler club is also committed to coordinating the implementation of the cap as much as possible in order to minimize the resulting burden for companies.
On the other hand, the statement reiterated that the aim of the G7 is to impose an upper limit on Russian origin oil derivatives as of February 5, 2023, while different limits will be applied for high and low value refined products. Finally, countries reserved the possibility of revising the price and adjusting it “as appropriate”, taking into account factors such as effectiveness and potential impact on the club and its allies.
EU countries also agreed on Friday to set a ceiling of 60 euros per barrel., at a time when the community currency was almost at par with the dollar. This decision will not directly affect the community bloc, which will impose a full embargo on Russian crude from next Monday – except for Hungary’s pipeline purchases – but will prohibit European shipping companies from shipping Russian crude to third countries. Sold above the specified price.