The G-7 finalizes an agreement to put a price limit on Russian oil exports to countries outside the US, the European Union (EU) and this group of the seven most industrialized nations in the world, a high-ranking official announced on Monday. White House rank.
“We are close to the leaders of the G-7 deciding to urgently ask the ministers concerned to develop mechanisms to establish a global price cap on shipments of Russian crude to countries outside the US, the EU, the UK and beyond the G-7. 7,” the source said.
The official indicated that the objective of the measure is to cut off “the main source of Russian income” and force the price of Moscow crude to fall, while minimizing the impact on the economies of the G-7 (group made up of the US). USA, Germany, France, the UK, Italy, Canada and Japan).
The source recalled that the US, the EU, Canada and the UK have already applied an embargo on Russia’s oil, respectively, and are now collectively seeking, along with the rest of the powers, to restrict Moscow’s access to services that allow it to export its crude. to other parts of the world.
The leaders of the G-7 and the European Union are currently holding a summit in Elmau (Germany), where they are finalizing this agreement.
During Monday’s sessions, Ukraine’s President Volodymyr Zelensky is expected to address the G7 leaders virtually.
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