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G7’s push for price cap on Russian gas should be subject to talks — Kremlin spokesman

As reported earlier, the G7 leaders at the summit in the Bavarian Alps are looking into implementing a price cap on Russian oil, as well as gas

MOSCOW, June 28. /TASS/. A price cap on Russian gas, discussed by the Group of Seven leaders this week, should be subject to talks with Gazprom, Kremlin Spokesman Dmitry Peskov said on Tuesday.

It is up to Gazprom to decide, Peskov told reporters. "They will probably seek to revise current contracts," he said, adding that it might be a complicated process. "This should be the subject of talks," Peskov said.

The G7 leaders at the summit in the Bavarian Alps are looking into implementing a price cap on Russian oil, as well as gas, DPA agency reported earlier, citing diplomatic sources. The measure is set to limit Russia’s export revenues while global energy prices are soaring.

G7 is discussing a mechanism to make the price caps work by imposing restrictions on insurance and shipping, Bloomberg has reported.

An embargo on Russian oil exports imposed by the European Union and the US has sent oil prices higher, as Russia has redirected flows to Asia. As a result the country’s oil revenues have soared despite the sanctions.

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