Media: G7 fell into despair because of Russia’s response to new restrictions

MOSCOW, 7 Sep — PRIME. Russia, with its reaction to the intention of unfriendly countries to introduce an “oil ceiling” for Russian raw materials, drove the G7 into despair, reports the German publication Compact.

The G7 agreed to impose price limits on purchased Russian oil. According to the politicians of these countries, this will not allow Moscow to earn on the export of energy resources.

As the author of the article notes, the decision to limit the prices of Russian export goods for the West will result in an economic shock.

“The G7 countries are planning to shoot themselves in the knee to weaken Russia,” the observer writes.

He also recalled the words of Russian Deputy Prime Minister Alexander Novak. He said that the decision on the “price ceiling” would destabilize the situation on the world oil market even more, because Russia would not supply oil to those buyers who would impose such restrictions.

“G7 in despair: the oil market is on the verge of collapse,” writes a Compact journalist.

In addition, it also remains unclear who exactly will monitor compliance with the “oil ceiling” rule. After all, in order for the plan to work as the G7 intended, the support of such political players as Turkey, India, South Africa, China and others is necessary.

“Neither OPEC nor countries such as India and China would support capping oil prices. In addition, this measure will hit European and American consumers who are already paying high energy prices,” the publication sums up.