European Economic Commissioner Paolo Gentiloni says the European Union expects Russian President Vladimir Putin to respect Russia’s contracts, but in case Moscow does not, then the EU is ready.
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, the Economy Commissioner points out in his statement.
Towards two goals
The Italian Commissioner emphasizes, according to APE-MPE, that this agreement is an important step towards two goals: cutting Russia’s revenue to finance Putin’s brutal war against Ukraine and exerting downward pressure on world prices energy.
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“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 once again shown its unity and determination that it will not fail.”
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