Reuters learned about the possible agreement on the ceiling of oil prices from Russia
This may happen at the meeting of G7 finance ministers. They are expected to release a communiqué, but it is not clear if they will disclose the marginal price level for Russian oil
Finance ministers of the G7 countries on Friday may approve a plan to set an upper limit on prices for Russian oil, Reuters writes, citing sources. Western authorities hope that this will help deprive Russia of additional oil revenues that it receives due to increased prices, but at the same time maintain supplies.
An online ministerial meeting is scheduled for Friday, following which a communiqué is likely to be published, the agency writes.
“Agreement is likely”, — commented an official from one of the G7 countries. At the same time, he noted that it is not clear how many details will be disclosed in the communique, for example, whether a price ceiling per barrel will be announced, above which countries will refuse to provide insurance services and financing for the cargo transportation of Russian oil.
The G7 includes UK, Canada, France, Germany, Italy, Japan and USA. According to the International Energy Agency (IEA) as of November 2021, Russia accounts for 11% of British oil imports, Canada— 0%, France— 13%, Germany— 30%, Italy— 13%, Japan— 3%, USA— 7%.
According to Reuters, some G7 officials believe that the imposition of new restrictions needs wider support, including large oil consumers China and India, who are unlikely to approve the price cap plan. At the same time, other officials say that China and India have already expressed interest in buying Russian oil at an even lower price than the G7 is going to set.
The agency notes that the effect of restrictions will largely depend on the UK, which covers about 95% of ship insurance.
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London has previously spoken out in support of new sanctions. Treasury Secretary Nadeem Zahavi said that the British government believes they can bring results, but that other countries, such as India, Turkey, South Africa and Norway, should be involved.
Moscow in response promised to take its own measures. In particular, Deputy Prime Minister Alexander Novak said that Russia would not supply oil and oil products to countries that would impose restrictions. He considered the proposals for the price of oil absurd and interference in market mechanisms. The head of the Central Bank, Elvira Nabiullina, also spoke about the fact that Russia, in the event of a ceiling being set, would not carry out deliveries.
President Vladimir Putin considered that Western countries themselves would suffer as a result, since “oil prices would skyrocket” ;.
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