The G7 finance ministers reiterated this Friday their intention to gather the necessary support to impose a limit on the price of Russian oil, according to a joint document approved in a virtual meeting.
“We seek a broad coalition to maximize the effectiveness” of the measure, says a document published by the German Finance Ministry, at a time when Germany holds the rotating presidency of the group of seven most industrialized countries.
The objective of the initiative is “reduce Russian revenue from oil sales“, which is an important source of financing for the war in Ukraine and, at the same time, reduces the increase in energy prices around the world.
The G7 reiterates its solidarity with Ukraine and condemns the Russian aggression, noting that “the economic costs of the war and the resulting price increases are felt disproportionately by vulnerable groups in all economies and particularly in countries facing food insecurity and food security challenges. budget”.
The ministers also consider that the effect of the sanctions that have already been imposed on Russia will increase over time and ensure that they continue to verify compliance with them.
“Russia is benefiting economically from war-related uncertainties in energy marketsGerman Finance Minister Christian Lindner said after the meeting.
The maximum price must be determined by the coalition of countries that support the measure before it is implemented, say members of the G7, which includes the United States, Canada, France, Italy, the United Kingdom, Japan and Germany.
Source: Observadora
