FT: G7 finance ministers will support the introduction of a price limit for Russian oil

MOSCOW, Sep 2 — PRIME. The G7 finance ministers will support the introduction of a price limit for Russian oil on Friday, the Financial Times reports, citing a source.

As specified in the message, the restriction will be in effect from December 5 for oil and from February 5, 2023 for oil products. Such terms correspond to the effect of the European embargo on the import of this energy resource from Russia.

The countries of the European Union and the G7 are counting on India to join this measure, which will make the restriction more effective.

Western countries have imposed unprecedented anti-Russian sanctions in connection with a special operation in Ukraine. The European Union has already adopted several packages of restrictive measures, including those related to the energy industry.

At the same time, unfriendly countries continue to tighten measures. For several months now, the West has been discussing the possibility of imposing a ceiling on the price of Russian oil entering the market in order to limit Moscow’s income from the sale of energy resources. On Friday, September 2, the finance ministers of the G7 countries will hold an online meeting, during which they are expected to discuss this issue.