by Angelo Amante and Philip Blenkinsop
GARMISCH-PARTENKIRCHEN, Germany, June 28 (Reuters) – G7 leaders have agreed to explore the possibility of price caps on Russian oil and gas imports to limit Moscow’s ability to fund its military operations in Ukraine, officials said. officials from the Group of Seven industrialized nations said on Tuesday.
The European Union will examine with its international partners the means of reducing energy prices, in particular by the introduction of temporary ceilings on import prices, specifies a passage of the final communiqué of the G7 which Reuters was able to consult.
G7 officials clarified that this relates to oil and gas.
It was the United States that first called for such a capping mechanism, the idea being to link financial services, insurance and the transport of oil cargoes to a cap on the price of Russian oil.
A shipper or an importer wishing to benefit from these services should therefore undertake that Russian oil will be sold at a capped price.
Italy lobbied to extend this gas price cap.
France, for its part, wanted the price cap to extend beyond Russian products, in order to reduce prices more generally. (Report Angelo Amante and Philip Blenkinsop; French version Valentine Baldassari, edited by Jean-Stéphane Brosse)
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