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The G7 is considering ways to impose a cap on Russia’s oil profits

The Group of Seven (G7), through which the Kremlin is financing the war against Ukraine, is considering ways to strengthen stability in the global energy market and to limit Russia’s profits from soaring energy prices.

In particular, with regard to the second goal, the G7 is considering ways to block the transfer of Russian oil unless it is purchased at or below a specified price, as reported by Reuters.

“We remain committed to finding approaches, including options for a total ban on all services that allow the transportation of Russian crude oil and petroleum products worldwide, unless the oil is purchased at or below a price agreed with international partners,” he said. the joint statement of the meeting posted on the UK government website.

“While exploring this and other options, we will also consider mechanisms, alongside restrictive measures, to ensure that the most vulnerable and affected countries maintain their access to energy markets, including Russia,” the finance ministers’ statement added. of Canada, France, Germany, Italy, Japan, Britain and the USA.

The meeting comes as G7 countries try to find ways to deal with energy shortages and rising prices while keeping their commitments to tackle climate change, as the West’s standoff with Russia continues over the invasion. of Moscow in Ukraine.

“As we gradually reduce Russian energy in our domestic markets, we will seek to develop solutions that will limit Russian hydrocarbon revenues, support stability in global energy markets and minimize negative economic impacts, especially in low- and middle-income countries,” he adds. the G7 joint statement.

Source: Capital

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