White House: The G7 will discuss price limits on Russian oil

White House press secretary Carina Jean-Pierre said on August 31 that the G7 finance ministers will discuss US President Joe Biden's proposal
to impose a price cap on Russian oil when they meet on September 2.

Jean-Pierre said in response to media questions at a regular White House press conference on the same day that Biden and other G7 leaders have instructed their teams to explore mechanisms
for setting a global oil price cap.
According to the US side, the mechanism is designed to lower the price of Russian oil and push down
global energy prices.

U.
S.
Treasury Secretary Janet Yellen said at a meeting with British Chancellor of the Exchequer Nazim Zahavi on the same day that the price ceiling on Russian oil is "one of the most powerful tools" to fight inflation and ensure that oil flows steadily into the global market
at lower prices.

Recent data released by the International Energy Agency showed that 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.

Russian President Vladimir Putin previously said that proposals such as the G7 to restrict oil imports from Russia and set a price ceiling on Russian oil can only lead to a spike
in oil prices like natural gas prices.
Russian Deputy Prime Minister Novak said in July that if the G7 limits the price of Russian oil products, Russia will not supply oil
at a loss.

The G7 includes the United States, the United Kingdom, France, Germany, Japan, Italy and Canada
.