G7 sets price cap on Russian Oil5 Sep 2022 07:56
Translated at no cost from Turkish so you can understand it.
Aiming to reduce Russia's oil income and prevent the increase in energy prices, the G7 will set a price limit for Russian oil.
G7 finance ministers agreed to impose price caps on Russian oil. A similar step was signaled by the EU for Russian gas.
The finance ministers of the G7 countries , consisting of the USA, Germany, England, Canada, France, Italy and Japan, made a joint statement after the meeting held in Germany and announced that they had agreed to impose a price limit on Russian oil.
The statement called on all countries to provide input on the price cap and to implement important measures. According to the statement, the price limit will be determined based on a number of technical inputs and the price level will be revised as necessary.
With this decision, the G7 aims to reduce Russia's revenues and prevent the increase in energy prices.
Kremlin Spokesperson Dmitry Peskov announced that they would not sell oil to countries that would support the implementation of price restrictions.
EU PRICE LIMIT SIGNAL TO RUSSIAN GAS
On the other hand, a price limit signal for Russian natural gas came from Europe. The time has come to impose a price cap on gas flowing through the Russian pipeline to Europe, European Commission President Ursula Von Der Leyen said in a statement. “A gas price cap could be proposed for Europe in general,” Leyen said.
The Commission stated that the total occupancy rate in the gas tanks of the European Union members reached 80% earlier than expected.
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