G7 countries agreed to keep the price of Russian oil within a fixed limit

G7 countries agreed to keep the price of Russian oil within a fixed limit

Washington: Finance ministers of the Group of Seven (7G) countries have agreed to keep the price of Russian oil within a fixed limit.

U.S. Treasury Secretary Janet Yellen said in a statement without giving details of the implementation that finalizing and implementing the price ceiling would significantly reduce G7 countries’ main source of Russian funding for the war in Ukraine. While the supply of Russian oil at low prices will be maintained in the global energy markets.

He said today’s move would help deal a major blow to Russian finances and accelerate the decline of the Russian economy while reducing its ability to continue fighting in Ukraine.

Yellen said she looks forward to working with her G7 allies — and new coalition partners — as we move quickly to finalize the implementation of the price ceiling in the coming weeks.

Describing the G7 plan as completely absurd, Russian Deputy Prime Minister Alexander Novak said Russia would not supply oil and petroleum products to countries that supported the price ceiling, he warned. That this move could destroy the global oil market.