G7: Russian oil price cap boosts EU sanctions on Moscow – Newsbomb – News

G7: Russian oil price cap boosts EU sanctions on Moscow – Newsbomb – News
G7: Russian oil price cap boosts EU sanctions on Moscow – Newsbomb – News

The G7 agreement on a price cap on Russian oil imports by sea further strengthens the EU’s sixth package of sanctions, Economy Commissioner Paulo Gentiloni said.

The G7 agreement on a price ceiling on Russian oil imports by sea further strengthens the EU’s sixth package of sanctions and allows the continued sale of Russian oil on world markets at low prices, Economy Commissioner Paolo Gentiloni points out in a statement.

The Italian commissioner points out that this deal is an important step towards two goals: cutting Russia’s revenue to finance Putin’s brutal war against Ukraine and putting downward pressure on global energy prices.

“The G7 will now work to build a broad global coalition to finalize the design and level of the price cap and implement it together, to maximize its effectiveness. The Commission will play its full part in working to reach consensus among the 27 Member States to implement this measure in the EU. We aim to implement it in line with the timetable agreed under the EU’s sixth sanctions package – i.e. December 5, 2022 for crude oil and February 5, 2023 for petroleum products,” Paolo Gentiloni said in his statement.

He concludes, saying: “Putin seeks to subjugate an independent nation through brutal military aggression and create insecurity in Europe and around the world by ‘weaponizing’ Russia’s energy exports. Today the international community of democracies has again shown its unity and determination that it will not fail.”


The article is in Greek

Tags: Russian oil price cap boosts sanctions Moscow Newsbomb News

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