Europe and the G7 declare war on Putin’s Russia. The G7 and the European Union approved the maximum price for Russian oil transported by sea. The cap has been set at a maximum price of $60 a barrel of crude oil and is adjustable in the future to respond to market developments. The cap will be implemented by all members of the Price Cap Coalition (which includes Australia as well as the G7 and the EU) through their respective national legal processes. “The G7 and all EU member states have taken a decision that will further affect Russia’s revenues and reduce its ability to wage war in Ukraine. It will also help us to stabilize global energy prices, to the benefit of countries around the world that are currently facing high oil prices,” explained European Commission President Ursula von der Leyen.
The price cap thus joins the European embargo on Russian oil per vessel (which will come into force on Monday) and will allow European operators to transport (and hold) Russian oil to third countries only when it is priced below the ceiling. established. “The price cap is specifically designed to further reduce Russia’s revenues while keeping global energy markets stable through continued supply. Thus, it will also help to fight inflation and keep energy costs stable at a time when high costs – especially high fuel prices – are a major concern in the European Union and around the world”, explains the Commission. European. The price cap will come into effect from December 5, 2022 for crude oil and from February 5, 2023 for refined oil derivatives (price still to be defined).
Source: IL Tempo
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
