G7 finance ministers reiterated this Friday is to gather the necessary support to put a ceiling on the price. Oil Russianaccording to a joint document approved after a virtual conference.
“We are looking for a broad coalition to maximize efficiency,” says the document published on the website of the German Ministry of Finance, which holds the rotating presidency of the group of seven most industrialized countries.
It is intended with “Reduce Russia’s revenue from oil sales” An important source of financing the war of occupation in Ukraine and at the same time controlling the rise in world energy prices.
G7 reiterated its solidarity with Ukraine and that Russian aggression is condemned and that “the economic costs of the war and the associated price increases are felt disproportionately by vulnerable groups in all economies, and particularly in countries already facing food insecurity and financial difficulties.”
Likewise, the ministers believe that the impact of the sanctions currently imposed on Russia will increase over time and they assure that they will continue to comply with them.
They also remember that at the summit held in Elmau (South Germany) last June, the leaders of the G7 emphasized that they would make efforts to prevent Russia from taking advantage of the war of aggression, and within this framework, they suggested Russia’s transport. Russian oil and Derivatives are only allowed worldwide if products are sold below a ceiling price.
East should be determined by a broad coalition of countries. G7 members (United States, Canada, France, Italy, United Kingdom, Japan and Germany) to adhere to and enforce the cap.
“The price ceiling will be specifically designed to reduce Russia’s revenues and Russia’s ability to finance its aggressive war, while limiting the impact of war on global energy prices, especially for low- and middle-income countries,” the document said. “, says the document.
Ministers, on the other hand, express their satisfaction with the European Union’s decision to explore with international partners ways to stem the rise in energy prices and even consider the possibility of temporarily establishing import price ceilings.
The document is the EU’s 27 member states need consensus says its aim is to coordinate G7 measures with the sixth European sanctions package.