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    Home > Chemicals Industry > Petrochemical News > The G7 agreed on a price cap on Russian oil

    The G7 agreed on a price cap on Russian oil

    • Last Update: 2022-10-18
    • Source: Internet
    • Author: User
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    U.
    S.
    Treasury Secretary Janet Yellen said in a statement on September 2 that G7 finance ministers had reached an agreement
    on imposing restrictions on Russian oil prices.

    The G7 includes the United States, the United Kingdom, France, Germany, Japan, Italy and Canada
    .
    Yellen said it looks forward to finalizing a specific implementation plan
    for the price cap in the coming weeks.

    Russian presidential press secretary Peskov said on the same day that the plan to impose restrictions on Russian oil prices is "very absurd", which will lead to serious instability
    in the oil market.
    If unfriendly countries set a ceiling on Russian energy prices, Russia will begin to supply oil
    to countries operating according to market conditions.
    Deputy Chairman of the Russian Federal Security Council Dmitry Medvedev also said that if the EU implements a price cap, Russia will no longer supply natural gas
    to Europe.

    According to recent data released by the International Energy Agency, despite the decline in Russian oil exports, Russia's oil export revenue increased by $700 million in June due to higher oil prices, 40%
    higher than last year's average.

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