G7 Decision To Cap Prices On Russian Oil Made Unanimously – Japanese Finance Minister

The determination to impose limits on costs for Russian oil was made unanimously on the on-line assembly of the G7 finance ministers and the heads of the central banks, Japanese Finance Minister Shunichi Suzuki stated on Friday

MOSCOW (UrduPoint News / Sputnik – 02nd September, 2022) The determination to impose limits on costs for Russian oil was made unanimously on the on-line assembly of the G7 finance ministers and the heads of the central banks, Japanese Finance Minister Shunichi Suzuki stated on Friday.

According to the minister, the aim of imposing value cap is to restrict Russia’s revenue from power sources, and Japan believes that this measure will probably be “effective.”

The value ceiling will take impact on December 5 for crude oil and on February 5, 2023, for refined merchandise coming from Russia. The European Commission has already stated that it could additionally make efforts to impose value cap on Russia’s oil by December following the G7 determination.

On September 1, Russian Deputy Prime Minister Alexander Novak condemned the thought of a value cap on Russian oil as absurd, warning that Moscow wouldn’t ship oil and oil merchandise to nations that help the choice.

Over the previous months, the sanctions imposed by the West on Russia in retaliation for its army operation in Ukraine despatched meals and power costs hovering, triggering document-excessive inflation in some nations.

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