US Treasury Secretary Janet Yellen welcomed the G-7’s decision to cap Russian oil prices, saying it would “deal a financial blow to Russia that would prevent its war in Ukraine.”

The G7 announced today that it will “immediately set a ceiling on Russian oil prices” and called on a “broad coalition” of countries to take part in setting a ceiling on Russian oil prices.

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 Presidium (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 Russian oil market.” World energy. And she said that “Russian oil, which will not go to Europe, will go in alternative directions for countries that work on market conditions.”