G7 countries plan to introduce a ceiling on Russian oil prices by December 5
The countries of the “Big Seven” (G7) have decided on the date for the introduction of a ceiling on prices for Russian oil – the mechanism is planned to be introduced by December 5, writes Reuters.
At the same time, restrictions on the import of Russian oil, planned by the European Union, should come into force, the high-ranking official explained.
“The goal is to coincide with the times that the EU has already set. We want to make sure that the price capping mechanism will come into force at the same time,” the agency’s interlocutor explained.
The G7 announced its plans to introduce the mechanism in June and has since discussed its prospects with China and India, major buyers of Russian oil. “We have already heard from a number of Asian countries that they are interested either in joining the coalition or in figuring out at what level to set the price in order to strengthen their own position in negotiations with Russia about future contracts,” the official explained.
The fact that the price ceiling could be introduced by December was previously announced in Washington. “We are following what the Europeans are doing,” the country’s deputy finance minister explained at the time, also referring to the timing of the entry into force of the Brussels restrictions.
Treasury Secretary Janet Yellen led talks on the introduction of the mechanism during a visit to Asia in July. She pointed out that China and India could benefit from the solution.
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