Reuters: G7 countries are preparing sanctions on Russian oil

MOSCOW, 4 Oct — PRIME. The G7 countries are preparing new sanctions against Russia, including limiting oil prices. This was reported on Tuesday by Reuters, citing a statement by Assistant Secretary of the Treasury for Economic Policy Ben Harris.

“The new G7 sanctions against the Russian Federation will affect oil and oil products in three stages,” a spokesman for the US Treasury said.

According to the report, the measures will come into force on December 5. They will affect crude oil and oil products from Russia. At the same time, the G7 countries have not yet made a decision on the price within the framework of limiting the cost of Russian fuel, Harris noted. According to him, the price ceiling will be high enough “to encourage Russia to maintain production.”

Restrictions on diesel fuel and refined petroleum products will be adopted later, the report says.

On September 2, the finance ministers of the G7 countries confirmed their intention to impose a price limit on Russian oil and oil products. On Monday, October 3, Polish Ambassador to Brussels Andrzej Sados told reporters that the European Union had also agreed to set a ceiling on oil prices from Russia as part of tougher sanctions.