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G7 agrees ceiling price for Russian oil, but does not specify level

2022-09-02 17:40:38Biznes SHKRUAR NGA REDAKSIA VOX

G7 agrees ceiling price for Russian oil, but does not specify level

G7 Finance Ministers agreed on Friday to set a ceiling limit for the price of buying Russian oil with the aim of lowering Moscow's revenues, maintaining the amount of crude oil being dumped into the market and avoiding rising prices. But the specifics of how this will be achieved were not determined.

Energy prices rose after the Russian invasion of Ukraine on February 24, followed by unprecedented economic sanctions against Moscow, leading to fears that revenues would be used to incite war in Ukraine.

"Today we confirm our common political intention to finalise and implement a comprehensive ban on services that enable the shipping of crude oil and oil products of Russian origin globally", the Statement of Finance Ministers from the US, Great Britain, France, Germany, Italy, Canada and Japan states in the statement of Finance Ministers from the US, Great Britain, France, Germany, Italy, Canada and Japan.

The price limit level per barrel will be determined later "based on a range of technical data" to be agreed by the coalition of countries implementing it, they said in their statement after Friday's virtual meeting.

The provision of maritime transport services, including insurance and financing, will only be allowed if Russian oil loads are purchased at or below the price level "defined by the broad coalition of countries that respect and enforce the price limit".

The G7 Finance Ministers' statement comes after their leaders' decision in June to explore the border, which Moscow says it will not respect and can prevent by sending oil to states that do not abide by the price ceiling.

Since then, U.S. officials have been working to find a consensus within the G7 on border outlines and how it would be implemented.

Biden administration officials have expressed confidence that they will be able to secure international support to set the price limit, partly because of progress at the G7, but acknowledge that bringing all EU member states on board for the plan will be more difficult.

The seven ministers said in their joint statement that they would work to finalise the details, aiming for the restriction mechanism to be implemented at the same time as EU embargoes on Russian oil imports to the bloc starting in December.

THE EU measures will come into force on December 5 for crude oil and on February 5 next year for refined crude products. Although the European Commission has signalled its support for the scheme, EU member states have yet to support the plan as it will seek modification, or change of the bloc's sixth sanctions package.

Member states like Hungary, which has previously called for oil buying from Russia through the pipeline to be excluded from the EU import ban, have not yet agreed to such a plan.

Some EU officials and diplomats have also expressed concerns that such a debate could "open the Pandora's box" and potentially open the door for some member states to curb existing sanctions measures.

Russia threatened on Thursday that it would ban the sale of oil to any country adopting a price limit mechanism, with Kremlin spokesman Dmitry Peskov saying friday that the move would be an "absurd decision" and would "lead to a significant destabilisation of oil markets."

The West believes Moscow will not implement such a threat, as according to them, Russia needs revenue to maintain the economy and especially finance the military campaign in Ukraine.


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