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G7 Continues To Seek Ways To Limit Russia’s Oil Revenues

The G7 group of leading industrialized nations continues to explore ways of curbing Russia’s huge revenues from oil, including by considering a ban on all services enabling transportation of Russian oil unless said oil has a price cap, the G7 foreign ministers said on Tuesday.

Canada, France, Germany, Italy, Japan, the United Kingdom, and the U.S., and the High Representative of the European Union, have been mulling for weeks the idea of putting a cap on Russian oil. Those efforts continue, the Foreign Ministers said in a statement on energy security issued by the UK today.

“We further condemn Russian attempts to weaponise its energy exports and use energy as a tool of geopolitical coercion. Russia is therefore not a reliable energy supplier,” the G7 ministers said.

“As we phase out Russian energy from our domestic markets, we will seek to develop solutions that reduce Russian revenues from hydrocarbons, support stability in global energy markets, and minimise negative economic impacts, especially on low- and middle-income countries,” the minister noted.

“We remain committed to considering a range of approaches, including options for a comprehensive prohibition of all services that enable transportation of Russian seaborne crude oil and petroleum products globally, unless the oil is purchased at or below a price to be agreed in consultation with international partners,” the G7 reiterated today.

The U.S. Administration has been pushing for weeks to have as many oil buyers as possible agree to a price cap plan, and is reportedly also talking to India and China about potentially joining a price cap mechanism.

The two large Asian importers could be inclined to entertain the idea of a price cap as this would reduce their energy import bills, a senior G7 official told Reuters last week.

Meanwhile, Russia’s oil exports appear to have stabilized, based on Bloomberg data released Monday showing a steady level of 500,000 barrels per day below the peak reached prior to the February invasion of Ukraine.  

By Charles Kennedy for Oilprice.com

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