(Gabriel Caldeira, Estadão Content) — The Group of Seven (G7), which brings together the main economic and political forces in the world, confirmed that it intends to implement a price ceiling on oil produced in Russia, in an attempt to reduce the country’s revenue from energy sources and limit its ability to finance the war in Ukraine. The news, anticipated by the international press earlier, comes after a meeting between the bloc’s finance ministers this Friday.
The G7 statement did not detail what the ceiling will look like, and the initial price and implementation date of the measure will be decided in the future. However, the group said it intends to align its decisions with the dates of the sixth European Union (EU) sanctions package against Russia, which set a price ceiling on Russian crude from December 5, and for refined products. from the 5th of February of the next year.
The price cap will be imposed through a ban on services that allow shipping of oil from Russia above the established limit, according to the G7. The entity also announced that it intends to jointly create mechanisms that will serve to mitigate the impact of the measure on countries most vulnerable to Russian supply, in order to ensure that they “maintain access to energy markets, including Russia”.
Finally, the G7 urged nations around the world to increase their oil production in order to reduce the current pressure on the global market. Under this pretext, the communiqué celebrated recent decisions by the Organization of Petroleum Exporting Countries (OPEC) to increase the quotas foreseen for the cartel’s offer. “We urge you to continue to act in this direction. We will increase coordination with partners committed to increasing efficiency, stability and transparency in energy markets.”