US, G7 ‘exploring’ price cap on Russian oil

Washington, July 12 (Agency) US President Joe Biden and the leaders of the Group of Seven (G7) countries are “actively exploring” the possibility of imposing a price cap on Russian oil and are consulting with third countries amid record high energy prices in the West, the State Department told Sputnik. “President Biden and the G7 leaders are actively exploring imposing a limit on the price of Russian oil, consulting with third countries, and have tasked out their Finance and Energy Ministers to pursue a proposal,” the State Department said. Earlier in July, the US Treasury Department said Treasury Secretary Janet Yellen is seeking to use her upcoming trip to Asia to push for imposing a price cap on Russian oil – a measure that was discussed by the United States and its partners during the Group of Seven (G7) meeting in Germany on June 28-30.

Following the G7 meeting, the leaders of the seven most economically advanced states issued a communique saying an oil price cap set at $40-$60 could be implemented through the options such as allowing Russian seaborne crude oil and petroleum products to be shipped worldwide only if they are purchased at or below an agreed price threshold. Since February 24, the European Union has imposed numerous sanctions, hitting Russia’s banking, financial and media organizations, government officials and lawmakers, as well as oil supplied by sea, among other restrictions. Several European leaders have even called on Brussels to include a ban on Russian gas in a future sanctions package.