G7 finance ministers agreed to impose a price limit on Russian oil

MOSCOW, Sep 2 — PRIME. The finance ministers of the G7 member countries, following a meeting on Friday, agreed to impose a price limit on Russian oil, follows from a statement published on the website of the German Ministry of Finance.

According to Japanese Finance Minister Shun’ichi Suzuki, the decision was made unanimously.

As noted, the initial level of price caps will be adopted on the basis of technical aspects and may be revised in the future. In addition, it is allowed to introduce additional measures to ensure the effectiveness of the introduced measure.

“The coalition may consider further actions to ensure the effectiveness of the price ceiling. The price ceiling will be reviewed and revised if necessary,” the statement said.

To comply with the restrictions, there will be a ban on servicing sea transportation of oil and oil products from Russia purchased at a price exceeding the limit. At the same time, insurance and financing of companies transporting such oil will be prohibited.

As noted, the G7 representatives are also working on a mitigation mechanism that will provide vulnerable countries with access to the energy market, including the Russian one.

The G7 finance ministers called on “all countries” to join the restriction and contribute to the development of a “price ceiling”.

Earlier, the head of the European Commission, Ursula von der Leyen, said that it was time to limit the cost of Russian pipeline gas entering Europe. According to her, the energy ministers of the EU member states will discuss this issue during an extraordinary meeting on 9 September.