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Russian Oil Price Cap Requires Global Commitment, France Says, Will Be Difficult to Implement

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French Finance Minister Bruno Le Maire said that the G-7’s proposed price cap on Russian oil would require wider international participation to be a success.

However, it is expected to be ready before early December when EU sanctions on seaborne imports of Russian crude kick in.

More than that, however, Le Maire said the policy would require participation by other major global economies.urged involvement from China and India "If we want to be efficient in these sanctions, we need to reduce the revenues that Russia is gaining from oil and gas selling," Le Maire said.Russia has previously said it will not sell oil to nations that impose a price limit. And following the G-7's announcement on Friday, Russia's state-owned energy giant Gazprom said it would not restart gas flows via the Nord Stream 1 pipeline due to technical issues.

 

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