BERLIN - The Group of Seven most industrialised countries said they plan to implement a price cap for global purchases of Russian oil – a measure the US hopes will ease energy market pressures and slash Moscow’s overall revenues.
“The initial price cap will be set at a level based on a range of technical inputs and will be decided by the full coalition in advance of implementation in each jurisdiction,” the ministers said in the statement. “The price cap will be publicly communicated in a clear and transparent manner.” To implement a cap, diplomats will have to convince European Union member nations to amend the bloc's sixth round of sanctions on Russia over the invasion of Ukraine – and that may still prove to be tough.
US Deputy Treasury Secretary Wally Adeyemo visited India last month, where he said the coalition for putting a price cap on Russian oil has broadened and a number of countries have joined, while declining to name them. Budapest has signalled that it would oppose any oil price cap, signaling another potentially awkward political fight.“We simply won’t interact with them on such non-market principles,” Kremlin spokesman Dmitry Peskov told reporters on a conference call, adding that Russian oil will find alternative markets.
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