WASHINGTON – Amid record high energy prices, US President Joe Biden and the leaders of the Group of Seven (G7) countries are exploring the possibility of imposing a price cap on Russian oil and are also consulting with third countries, the US State Department told Sputnik.
“President Biden and the G7 leaders are actively exploring imposing a limit on the price of Russian oil and consulting with third countries and have tasked their finance and energy ministers to pursue a proposal,” it said.
Earlier this month, the US Treasury Department said Treasury Secretary Janet Yellen is seeking to use her upcoming trip to Asia to push for imposing a price cap on Russian oil – a measure that was discussed by the US and its partners during the G7 meeting held in Germany between June 28 and 30.
Following the G7 meeting, the leaders of the seven most economically advanced nations issued a communique saying that an oil price cap set at US$40-US$60 could be implemented through options such as allowing Russian seaborne crude oil and petroleum products to be shipped worldwide only if they are purchased at or below an agreed price threshold.
European Union (EU) member countries sanctioned Russia after the latter launched an invasion of Ukraine on February 24. The EU has since imposed numerous sanctions, hitting Russia’s banking, financial and media organisations, government officials and lawmakers, as well as oil supplied by sea, among other restrictions. Several European leaders have even called on Brussels to include a ban on Russian gas in a future sanctions package. – Bernama, July 12, 2022
