The Group of Seven industrialized nations, or G-7, agreed to set a final price for Russian oil.
The initiative is aimed at limiting Russia’s financial resources to spend on the war in Ukraine. News from Anadolu.
The Finance Ministers of the G-7 countries said that they also expect the price of oil in the international market to decrease as a result of fixing the maximum price of crude oil and oil products in Russia.
However, although it has been agreed to fix the price, the exact price in which the price will be determined has not yet been finalized.
Russia has said that Moscow will not sell oil to those who comply with the price set by the G7. Kremlin spokesman Dmitry Peskov said companies that would impose a ceiling on oil prices would not receive Russian oil.
The G-7 group consists of America, Canada, Britain, France, Germany, Italy and Japan. Finance ministers of these countries met in a virtual meeting on Friday.
They agreed to set a maximum price for Russian oil, saying it would reduce the country’s foreign exchange earnings and deprive Moscow of the budget to spend on the war in Ukraine.
However, analysts believe that China and India, Russia’s two largest partners, will not accept this decision of the G-7. These two countries are buying Russian oil as before, showing a thumbs up to the sanctions imposed by the West on Russia.
Before the start of Russia’s special operation in Ukraine last February, oil prices rose in the world market. As a result, due to the imposition of sanctions on Russia, the country’s oil sales have decreased, but Moscow’s foreign income has remained stable due to high prices.