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Initial price cap on Russian oil to be reviewed by G7 as necessary, statement says

It is reported that by doing this, the G7 group urges all countries that still seek to import Russian oil and petroleum products to commit to doing so only at prices at or below the price cap

© Yegor Aleyev/TASS

BERLIN, September 2. /TASS/. The initial price cap on Russian oil set by G7 nations may be reconsidered in the future if necessary, according to G7 Finance Ministers' statement published on Friday.

"The initial price cap will be set at a level based on a range of technical inputs and will be decided by the full coalition in advance of implementation in each jurisdiction. The price cap will be publicly communicated in a clear and transparent manner. The price capґs effectiveness and impact will be closely monitored and the price level revisited as necessary," the statement said.

Finance ministers of the G7 group, which includes the UK, Italy, Canada, the US, France, Germany and Japan, announced the intention of introduce the price cap on Russian oil in their statement on Friday. For doing this they "seek to establish a broad coalition" and "urge all countries that still seek to import Russian oil and petroleum products to commit to doing so only at prices at or below the price cap."

Earlier this week, Russian Deputy Prime Minister Alexander Novak slammed the proposals to impose restrictions on the price of Russian oil as "completely absurd," adding that Moscow would suspend supplies of oil and petroleum products to states deciding to restrict the price of oil from the country.

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