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G7 to tighten conditions of importers compliance with Russian oil price cap — newspaper

Representatives of G7, the EU and Australia agreed to tighten rules, the Nikkei said

TOKYO, February 6. /TASS/. The Japanese Ministry of Finance and relevant authorities from other countries of the Group of Seven (G7) intend to tighten rules of compliance with the price ceiling for Russian oil from February 20, the Nikkei newspaper reports.

Insurers and carriers are currently required to provide assurance that the oil price is not above the established limit. Such assurance is valid throughout the term of a contract of insurance or carriage.

It is anticipated that such document will be required for every shipment now. Representatives of G7, the EU and Australia agreed to tighten rules, the newspaper said.

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