The G7 industrialized nations have pledged to take "urgent" action to limit the price of Russian oil imports as part of their "unified" response to Moscow's brutal attack on neighboring Ukraine.
On September 2, the G7 announced that the long-discussed measure was aimed at eliminating Russian revenues needed to conduct military operations and helping to lower energy prices on world markets.
Following the summit in the German city of Elmau, G7 leaders "reaffirmed their shared commitment" to act to punish Moscow for its "brutal, unwarranted, unjustified and illegal war of aggression against Ukraine".
The G7 members said the agreed terms would only allow the transport of Russian crude oil and petroleum products by sea if supplies were purchased at prices equal to or below "set by a broad coalition of countries supporting and enforcing price limits".
Global service providers will only be able to do business with oil and petroleum products transported by sea to Russia if their supply is sold at the highest or lowest price.
The G7, which includes the United States, Canada, France, Germany, Britain, Italy and Japan, said it would work to finalize measures within its jurisdiction, but did not provide a timetable.
For such a price to have a significant impact, it must also be implemented by the European Union, which will require unanimity among its 27 members, some of whom are unwilling to jeopardize domestic energy supplies with the EU's arrival. 'winter.
Ukrainian President Volodymyr Zelensky welcomed the G7's plan to impose restrictions on Russian oil purchases in his speech on the evening of September 2.
"I constantly remind everyone that the defense of Ukraine is the defense of the whole of Europe," he said. "Not just ours, but the whole democratic world".
“It is from this point of view that the decision agreed today by the G7 countries to limit the price of Russian oil should be considered. When this mechanism is implemented, it will become an important element in protecting civil states and energy markets from Russian hybrid aggression," Zelensky said.
Power outages in Russia have caused prices to rise worldwide, creating particular inconveniences for the poorest countries but also impacting the economies of industrialized countries.
The G7 said the price cap would limit "the impact of the war on global energy prices, especially for low- and middle-income countries".
US President Joe Biden has spoken out in favor of pricing Russia's energy resources.
US Treasury Secretary Janet Yellen said on Sept. 2 that curbs on Russia's oil prices would serve Washington's "dual purpose" in fighting inflation and undermining Russian President Vladimir Putin's ability to finance his war. Ukraine.
The G7 announcement came after former Russian President Dmitry Medvedev warned the European Union that Moscow could cut off natural gas supplies to the bloc if it fixed prices for Russian supplies, European Commission President Ursula urged von der Leyen.
Von der Leyen asked on September 2 to limit gas prices from Russian pipelines to prevent Moscow from manipulating the EU energy market in response to sanctions triggered by the Kremlin's foray into Ukraine.
Medvedev, who has taken a hard line against countries that have imposed sanctions on Russia over the invasion, said the restrictions would backfire and "there will be no Russian gas in Europe".
The remarks came after Russia lifted a September 2 deadline to restore gas flow through the Nord Stream 1 pipeline in Germany after claiming it discovered a pipeline fault during maintenance, raising concerns further as winter approaches in Europe.
Russia's state-controlled Gazprom said, without giving a time limit, that it could not proceed safely with deliveries until repairing an oil leak in the pipeline's turbines. Initially, Gazprom announced that the pipeline would resume on September 2 after a three-day maintenance halt.
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