All news

G7 leaders discuss price cap on Russian oil, says German government source

With this decision, the leaders of the G7 countries want to deprive Russia of the benefits from rising prices in the energy market

GARMISCH-PARTENKIRCHEN /Germany/, June 26./TASS/. The leaders of the Group of Seven (G7) countries are engaged in constructive discussion on the issue of setting price caps on Russian oil, a source from the German government told journalists on Saturday.

"An active and constructive discussion continues among the G7 on how the introduction of such a price cap may work," the source said. The G7 is on the way to reaching a solution, and discussion on the matter is going "in the right direction," the source said.

The purpose of imposing a price cap on oil from the Russian Federation is to ensure that Russia no longer benefits from growing prices on the energy market, which allows it to continue the special military operation in Ukraine. At the same time, further spikes in oil prices should be prevented. Although Western sanctions against Russia stay in place, this does not automatically bring about a decrease in Russian revenues. High fuel prices remain a serious problem not only in the European Union, but also in the US.