BRUSSELS -
The G7's support for the 'price cap' on oil "is an important step towards two goals: deny Russia's revenues to finance Putin's brutal war against Ukraine and put downward pressure on global energy prices ".
This was stated by the European Commissioner for Economy
Paolo Gentiloni.
On the oil price ceiling, Gentiloni stressed, "our goal is to do so in line with the timetable agreed under the sixth EU sanctions package, which means December 5, 2022 for crude oil and February 5, 2023 for crude oil. petroleum products ".
"Putin is trying to subjugate an independent nation with brutal military aggression and to cause insecurity in Europe and the world by using Russia's energy exports as weapons - says the European commissioner -. Today the international community of democracies has once again demonstrated unity and determination that he will not be successful. "
The G7 will work for "a broad global coalition to finalize the design and level of the price cap and implement it jointly to maximize effectiveness
," he adds.
"The Commission will play its full part in working to achieve unanimity among our 27 Member States to implement this measure in the EU".
The G7 finance ministers have
approved the plan to set a ceiling on the price of oil that comes from Russia
.
The Bloomberg agency reports.
"On the top of the price of oil, we want to build a broad coalition, beyond the G7, we want to convince all EU countries and beyond".
This was stated by the German finance minister,
Christian Lindner.
The important thing is that "good results are achieved quickly. The G7 want the price of oil to be capped.
" We confirm our common political intention to finalize and implement a global ban on services that allow the shipping of Russian oil and petroleum products globally. ", explain the ministers in a statement.
"The provision of these services will be allowed only if the oil is purchased at or below this price (" price cap ") determined by a broad coalition of countries that adhere to the cap and implement it", the statement continues. .
The ministers' intention is to implement the ceiling in line with the timing of the EU sanctions on Russian oil which start on 5 December.
For the moment, ministers do not set the boundaries of the ceiling, which will be set by the entire coalition that will apply it, based on technical inputs.
"The price will be communicated publicly in a clear and transparent way", the ministers conclude.
On the front of the EU gas price cap, however, the president of the EU Commission,
Ursula von der Leyen said: "I am firmly convinced that it is time for a ceiling on the price of gas from Russian gas pipelines in Europe".
Russian gas "will no longer exist" in Europe if the EU imposes a price cap. This was stated by the deputy head of the Russian Security Council Dmitry Medvedev, as reported by Tass.
Commenting on von der Leyen's request to introduce a ceiling for Russian gas prices, Medvedev warned: "It will be like oil. There will simply be no more Russian gas in Europe."
