The G7 agrees to limit the price of Russian oil

MADRID, 2 Sep. (EUROPA PRESS) -

The Group of Seven (G7) has reached an agreement to establish a price limitation for Russian oil and other derivative products, according to the statement published by the club of countries at the end of the meeting of finance ministers that took place this Friday.

The price limitation will be effectively carried out through a general ban on providing services that allow the maritime transport of these products of Russian origin. Transportation services will only be allowed if the oil and derivatives are purchased at a price equal to or less than that set by the coalition.

In their statement, the finance ministers of the G7 nations have not detailed the limit price. They have only indicated that the figure will be decided according to a range of technical details. "The price limit will be communicated publicly in a clear and transparent way," the G7 has indicated. In addition, these prices will be revised if necessary.

The club of countries assures that this measure is "specifically designed" to reduce Russia's income and its ability to finance the war, while limiting the impact on global energy prices.

However, Russia's deputy prime minister, Alexander Novak, already warned on Thursday that Russia would not export oil to any country that adheres to this price limitation.

The G7 has invited all countries that want to provide comments and ideas on the design and implementation of the price cap. "We seek to establish a broad coalition to maximize its effectiveness and we urge all countries that still seek to import Russian oil to commit to do so at prices equal to or below the limit," says the G7 statement.

According to data from the International Energy Agency, between March and July Russia entered 95,000 million dollars (94,870 million euros) from its oil and gas exports to the European Union alone, almost twice as much as in previous years.