The Ministry of Finance of Germany promised not to completely exclude Russian oil from the world market

Despite the restrictions that the G7 countries are planning to introduce, Russian oil will not be completely excluded from the world market, German Finance Minister Christian Lindner said following a meeting with colleagues from the G7 countries.

“We are expanding existing sanctions and together with partners in the EU we want to further develop the sixth package of sanctions, giving the ban on the provision of services by the European Union a global scale. At the same time, in the light of the ceiling on prices, Russian oil will not be completely excluded from the market: households and enterprises can continue to be supplied with it,” he said.

Lindner also noted that the actions of the “Group of Seven” are aimed, first of all, at reducing the profit received by Russia.

Earlier on September 2, Georgy Svirin, a specialist in international financial markets at the Finmir marketplace, told Izvestia that if the G7 countries introduce a ceiling on oil prices from Russia, Moscow will sell more black gold to Asia, and the discount to Brent will increase even stronger, but it will be leveled by an increase in the cost of a barrel.

Earlier in the day, G7 finance ministers agreed to impose a price cap on oil and gas from Russia. John Kirby, the US National Security Council’s strategic communications coordinator, noted that the measure would be an effective way to strike at Russia’s benefit.

The Kremlin said that in this case, the Russian Federation would redirect oil to other markets. They noted that the adoption of such a decision would lead to a significant destabilization of the oil markets.

The day before, Deputy Prime Minister of the Russian Federation Alexander Novak said that Russia would stop supplying oil and oil products to countries that would impose a ceiling on oil prices. He also noted that the introduction of a price ceiling for Russian oil would have an extremely negative impact on the world market.