PanamaTimes

Tuesday, May 21, 2024

The G7 agrees to limit the price of Russian oil to reduce Moscow's income

The G7 agrees to limit the price of Russian oil to reduce Moscow's income

According to a statement published today, Friday, September 2, by the Group of Seven (G7), an agreement has been reached to establish a price limitation on Russian oil and other derivative products. This decision was made by the finance ministers of the United States, Germany, France, the United Kingdom, Italy, Canada and Japan.
The price limitation will effectively be carried out through a general ban on providing services that allow the maritime transport of these products of Russian origin. Transportation services will only be allowed if the oil and derivatives are purchased at a price equal to or less than that set by the coalition.

In their statement, the finance ministers of the G7 nations did not detail the price limit. They only indicated that the figure will be decided according to a range of technical details. “The price limit will be publicly communicated in a clear and transparent way”, a spokesperson said. These prices can also be revised if necessary, they added.

This measure is ‘specifically designed’ to reduce Russia’s income and its ability to finance the conflict with Ukraine while limiting the impact on global energy prices, stated the G7. Alexander Novak, Russia’s deputy prime minister, had already warned that should this measure be implemented then Russia would not export oil to any country that adheres to this price limitation.

“We seek to establish a broad coalition to maximize its effectiveness and we urge all countries that still seek to import Russian oil to commit to doing so at prices equal to or below the limit”, said the G7 statement.

According to data from the International Energy Agency (IAE), between March and July, Russia received €85,000 million from its oil and gas exports to the European Union alone, almost twice as much as in previous years.

Víctor Ruiz Ezpeleta, a professor at OBS Business School and an energy expert, pointed out that: “A maximum price tax measure will only be effective if all the participants agree or at least abide by it, but this does not seem to be the case. China and India do not seem to be up to the task, and they can continue to buy Russian oil benefiting from better prices or even resell it with a higher margin”.

“Russia is also not going to sit idly by and will play with supplies to try to damage the image of unity of the G7 so that any internal disagreement will be seen as a victory in Moscow. Since the EU is determined not to buy any more Russian oil from 2023, we will see in these final months what impact it has on the energy markets”, he added.
Comments

Oh ya 2 year ago
Russia needs to not restart the pipeline to the EU. The EU has stated they are going to stop in 2023 anyway. Russia should help them get a head start. Right now China is buying more gas than they need and turning around and selling it to Europe for 4 times the price and the EU pretends it does not know were it is coming from. The west has pledged to continue punching itself in the nuts until Russia surrenders. And if you think the US is free and clear from prolbems you do know why there is the US petro dollar? America promised to protect Saudi with its military if they only sold oil in USD. the rest of the oil producing countries followed suit. Well it comes out now a year ago Saudi signed a protection agreement with Russia a year ago and is going to sell oil in many currencies. Oh just wait until all those dollars countries are sitting on come home to America. Inflation like you have never seen before. Buckle up

Newsletter

Related Articles

PanamaTimes
0:00
0:00
Close
El Salvador's Bitcoin Holdings Reach $350 Million
Teens Forming Friendships with AI Chatbots
WhatsApp Rolls Out Major Redesign
Neuralink's First Brain Implant Experiences Issue
Apple Unveils New iPad Pro with M4 Chip, Misleading AI Claims
OpenAI to Announce Google Search Competitor
Apple Apologizes for Controversial iPad Pro Ad Featuring Instrument Destruction
German politician of the AFD party, Marie-Thérèse Kaiser was just convicted & fined $6,000+
Changpeng Zhao Sentenced to Four Months in Jail
Biden Administration to Relax Marijuana Regulations
101-Year-Old Woman Mistaken for a Baby by American Airlines: Comical Mix-Up during Flight Check-in
King Charles and Camilla enjoying the Inuit voice singing performance in Canada.
New Study: Vaping May Lower Fertility in Women Trying to Get Pregnant
U.S. DOJ Seeks Three-Year Sentence for Binance Founder Changpeng Zhao
Headlines - Thursday, 23 April 2024
Illinois Woman Wins $45M Lawsuit Against Johnson & Johnson and Kenvue for Mesothelioma Linked to Baby Powder
Panama's lates news for Friday, April 19
Creative menu of a Pizza restaurant..
You can be a very successful player, but a player with character is another level!
Experience the Future of Dining: My Visit to an AI-Powered Burger Joint
Stabbing rampage terror attack in Sydney, at least four people killed, early reports that a baby was among those stabbed.
Iran fired more than 300 drones and missiles at Israel overnight. Israel Reports Light Damage After Iran Launches Large Strike.
I will never get enough of his videos and the pure joy and beauty of these women!!
Scientists at the University of Maryland have developed an "invisibility cloak", for AI using adversarial patterns on a sweater, making the wearer nearly undetectable to standard object detection methods.
Lamborghini Bids Farewell to Its Best-Selling Sports Car: The Huracán
Sam Bankman-Fried Appeals 25-Year Prison Sentence for $8bn FTX Fraud
OJ Simpson, ex-NFL star who was acquitted of murder, dies aged 76
British Backpacker Imprisoned in Notorious Bolivian Prison: Family Raises Funds for Legal Fight and Essentials
Argentina: Venezuela Cuts Power to Embassy after Opposition Meeting
El Salvador Offers 5,000 Passports to Skilled Foreign Workers: Tax-Free Relocation and Citizenship
Panama Papers Trial Begins: Founders of Mossack Fonseca Face Money-Laundering Charges
75 Becomes the New 65: Retiring in Your 60s Unrealistic as Life Expectancy Increases and Costs Rise
Total Solar Eclipse of 2021: 32 Million Witness the Mystical, $1.5bn Spectacle Sweep Across North America
New shopping experience…
New world, new reality, let’s get used to it
UK Company Passes Milestone in Developing Space-Based Solar Power, Aiming to Power a Million Homes and Provide Constant Energy
Mexico Breaks Diplomatic Ties with Ecuador after Police Storm Embassy, Arrest Former Vice President
Monty Python were so ahead of their time
If there's a will, there's a way!
Rules about how to dress are important, but not so much if you have a lot of money.
Body Armor Firm Showcases Stab-Proof Vest in Demo on CEO
Mexico Cuts Diplomatic Ties with Ecuador After Embassy Stormed in Quito
Here is a tattoo idea, for engineers
Zoraya Ter Beek, a 28-year-old woman from the Netherlands, will undergo euthanasia in May due to severe mental health challenges
Here's a video featuring Fidel Castro, where he discusses his stance against war and his commitment to preserving life, positions that have put him at odds with the USA:
Woman reaches behind and steals gun from a security guard and shoots three people while getting detained in Chile
Take a walk around the safe and thriving downtown San Salvador.
Joe Biden criticised by Trump campaign for declaring Transgender Day of Visibility on Easter Sunday
Macron says France will help Brazil develop nuclear-powered submarines
A video demonstrating women's self defense class in 1930
×