The Group of Seven most industrialized countries said they plan to implement a price cap for global purchases of Russian oil — a measure the U.S. hopes will ease energy market pressures and slash Moscow’s overall revenues.
“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,” G-7 finance ministers said in a joint 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 ministers said they plan to implement a price cap in line with the timing of European Union sanctions on Russian oil set to kick in on Dec. 5. The statement, which notes that all EU nations will have to sign off on any sanctions changes, didn’t provide a dollar range for the eventual price cap.
