Washington 3rd, September : G7 Finance Ministers have agreed to set a price cap for Russian oil, US Treasury Secretary Janet Yellen declared in an announcement without revealing the details of implementation.By agreeing to finalising and setting a price cap, the G7 will significantly reduce Russia’s primary source of financing for the conflict in Ukraine and will also ensure the supply of energy markets worldwide by ensuring that Russian oil in circulation at lower prices Xinhua news agency reported Yellen as declaring in the statement issued on Friday.
The move today will deliver major damage to Russian finances.It will hinder Russia’s ability to carry on the war in Ukraine and accelerate the decline of the Russian economy, she said.
“I am looking eagerly to work with the rest of our G7 allies, as well as with our new coalition partners as we speedily finish the operation of the price cap in the coming weeks,” the Treasury Secretary added.
The G7’s plan is absurd, he said, Russian Deputy Prime Minister Alexander Novak said his country will not provide oil and petroleum products to those nations who support price caps, warning that the plan could destabilize the oil market worldwide.
In spite of Western sanctions, Russia’s revenues from exports of oil in June grew by 40% from the average of in the previous year, as per an earlier report by the International Energy Agency.
