The G7 announced, according to the French Press Agency (AFP), that they would “immediately set a ceiling on the price of Russian oil” and called on a “broad coalition” of countries to take part in setting a ceiling on the price of Russian oil.

The finance ministers of the seven countries indicated in a statement that “the price ceiling will be set at a level based on a set of technical data and will be decided by the coalition as a whole before being put into practice.” also stressed that prices in the future “will be determined publicly in a clear and transparent manner.”

It comes at a time when the Russian authorities are warning against this measure. For its part, the Russian Presidency (Kremlin) stated that “Moscow will stop selling oil to countries that set a ceiling on the price of Russian oil”, noting that “setting a ceiling on the price of Russian oil will lead to great tension in the global energy market.” And she said that “Russian oil, which will not go to Europe, will go in alternative directions for countries that work on market conditions.”