Connect with us

News

US, G7 leaders will try to cap price of Russian oil

Published

on

The G7 Leaders meeting at Schloss Elmau, Germany, on June 26, have decided to try capping the price of Russian oil, officials say.

They said the decision is a step toward punishing Moscow on several attempts to diminishing the economic effects of the war in Ukraine.

The means to which this will be archive, when it will take effect and how much the price of Russian oil will be capped is still secretive.

Officials said the precise mechanism for accomplishing the cap was still being worked out. Leaders said they will instruct their teams to work toward finding a way to limit the price at which Russia can sell its oil, impoverishing Moscow of their main source of revenue.

“The goal here is to starve Russia, starve (Russian President Vladimir) Putin of his main source of cash and force down the price of Russian oil to help blunt the impact of Putin’s war at the pump,” said a senior US administration official.

Despite sanctions imposed on the country, Russia oil revenue are still high. The G7 Leaders want to use their collective powers to cut down the revenue Russia collect from countries still purchasing its oil.

An official suggested the G7 nations have leverage through oil transportation networks that could help toward applying the cap.

More sanctions: G7 leaders also plan to announce a lengthy set of new sanctions, including on Russian defense supply chains, Russians responsible for human rights abuses and war crimes, private military companies and new visa restrictions on 500 officials.

New funding: The US will also announce $7.5 billion in new funding for Ukraine, part of a broader commitment from G7 nations to help the country make up its budgetary shortfalls.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published.

< /div>
error: Content is protected !!
Copy link
Powered by Social Snap