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G7 wants to align introduction of price cap on Russian oil with EU sanctions timeline

On June 3, the EU Council adopted the sixth package of sanctions against Russia, including a postponed embargo on maritime supplies of oil and petroleum products from Russia

BERLIN, September 2. /TASS/. The G7 countries seek to align introduction of a price cap on Russian oil with the timeline for the implementation of the sixth package of EU sanctions. This is according to a joint statement of the G7 finance ministers released on Friday following the meeting held online.

"We aim to align implementation with the timeline of related measures within the EUґs sixth sanctions package," the document says.

In addition to that, the G7 finance ministers committed to work on the finalization and implementation of this measure in their own jurisdictions

"We acknowledge that, for the EU, unanimity among the 27 EU Member States is required," according to the document.

Earlier on Friday, the Financial Times reported citing sources that the G7 countries planned to support the introduction of a price cap on Russian oil from December 5, a similar measure for Russian oil products may come into effect from February 5, 2023. The newspaper noted that the European Commission (EC) supported the proposals of G7.

Meanwhile, EC head Ursula von der Leyen, Reuters reported, said on Friday that "it is now time for a price cap on Russian pipeline gas to Europe." She also noted that the EC will soon come up with a similar proposal.

On June 3, the EU Council adopted the sixth package of sanctions against Russia, including a postponed embargo on maritime supplies of oil and petroleum products from Russia. The ban on sea supplies of oil has been postponed for six months, until early December, for oil products - for eight months, until February 2023. Bulgaria will be able to receive oil and oil products from the Russian Federation by sea until the end of 2024, Croatia - until the end of 2023 to buy gas oil. Temporary exemptions from the oil embargo are provided for oil imports via oil pipelines for those EU states that, due to their geographical situation, suffer from a special dependence on Russian supplies and do not have any viable alternative options. These countries primarily include Hungary and Slovakia. The permit will be valid until a decision is made by the Council of the EU.

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