By Alexander Miller, consultant in emerging markets – Eurasia Business News, September 3, 2022

The G7 countries confirmed their will to abandon the use of Russian oil in their markets, but do not intend to create obstacles for the purchase of such oil by other parties at prices not exceeding the “ceiling“.

“We reaffirm the measures to phase out Russian oil and petroleum products in our domestic markets and emphasize that our ‘price ceiling’ measure is aimed at easing pressure on global oil prices and at supporting oil-importing countries around the world,” the G7 countries stated on September 2.

At the same time, the G7 countries note that they are ready to “support oil importers, ensuring their constant access to Russian oil at prices not exceeding the price limit.”

Read also : OPEC+ is not going to reduce oil production in the near future

By the same statement the G7 countries announced their intention to create a “broad coalition” to jointly introduce a ceiling on Russian oil prices, the finance ministers of the Group of Seven countries said in a statement on Friday.

On September 1st, the Russian Deputy Prime Minister Alexander Novak told journalists that the Russian Federation will stop supplying oil and petroleum products to countries that will introduce a ceiling on prices for Russian oil.

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