The countries of the Big Seven agreed on the introduction of a price ceiling for Russian oil. The agreement on this may be published on September 2, writes The Wall Street Journal.
Now the parties continue negotiations on the details of the contract. The publication claims that this measure will create a “new front of the confrontation with Russia”, which will hit the revenues of Russia from the sale of energy carriers. G7 participants want to set prices for Russian oil at a level that will reduce Moscow revenue and at the same time will not repel it from it to supply raw materials to the world market.
It is assumed that this will be done by permission for Western insurance companies to insure only those tankers with Russian oil that carry black gold at a satisfactory price. The ceiling of oil cost from Russia has not yet been defined.
“Big Seven” also discusses the consequences of the introduction of the European oil embargo, which will enter into force on December 5, 2022. The United States suggests that this will disperse energy prices.
Western officials hope that Turkey, Egypt, South Africa and others will join restrictions.