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16:30 02 Sep 2022

G7 countries to implement price-cap on russian oil to limit revenues

Photo: Getty Images

The G7 countries have announced that they plan to introduce price restrictions on global purchases of russian oil, which should reduce russia's oil revenues and weaken its ability to finance the war against Ukraine.

Bloomberg writes about this, referring to the G7 statement.

"We confirm our joint political intention to finalize and implement a comprehensive prohibition of services which enable maritime transportation of Russian-origin crude oil and petroleum products globally," the G7 finance ministers said in a statement.

"The provision of such services would only be allowed if the oil and petroleum products are purchased at or below a price ("the price cap") determined by the broad coalition of countries adhering to and implementing the price cap."

The G7 plan would effectively allow buyers of russian oil at a capped price to continue receiving critical services such as tanker financing and insurance.

Read Rubryka's daily timeline of war: current news on Ukraine's defense against russia's aggression.

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