Westerners seek to cap the price of Russian oil


Reacting to statements by the G7, the Kremlin said that Gazprom, the Russian gas giant, may seek to change its delivery contracts if the West puts in place a price cap. REUTERS PHOTOGRAPHER/REUTERS

The G7 wants to reduce the income that Moscow derives from hydrocarbons but its proposal leaves some perplexed.

How do you prevent Russia from pocketing billions and billions of dollars with its oil and gas exports? In search of a solution to dry up Moscow’s income and weaken its attack on Ukraine, which is fueling the rise in prices, the G7 countries intend to cap the price of Russian hydrocarbons.

Gathered in Germany, in Elmau, until midday on Tuesday, they “consider a series of approaches”, including “a possible ban on all services that enable the maritime transport of Russian crude oil and petroleum products”, unless the oil is purchased below the ceiling that would be set by the international partners. An importer would only be able to obtain the shipment of oil cargoes and the related financing and insurance if he agreed to abide by a maximum price set for Russian oil.

“We invite all like-minded countries to consider joining us in our actions,” have declared…

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