G7 agrees price cap on Russian oil to rein in runaway energy costs
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Finance ministers of the G7 group of leading democracies have agreed a global price cap on Russian oil and petroleum products.
The cap will be implemented by introducing a ban on the provision services such as insurance and finance to any ships carrying Russian-origin crude and related products at above the permitted price.
In a statement, the G7 nations – the US, UK, France, Germany, Italy, Canada, Japan and the EU – said the cap was “specifically designed to reduce Russian revenues and Russia´s ability to fund its war of aggression whilst limiting the impact of Russia´s war on global energy prices”.
Chancellor Nadhim Zahawi, who represented the UK in the virtual meeting, said the move would constrain the ability of Russian president Vladimir Putin to fund the war in Ukraine, as well as allowing the world to protect itself against oil price shocks in 2023.
“This has been a personal priority for me as chancellor,” said Mr Zahawi.
Ukraine news - live: Russian troops in Kherson ‘pushed back’ by Kyiv, UK saysJared Kushner claims Ukraine war would not have happened if Donald Trump was still president
A first day of school after summer in Ukraine – during a time of war 
Gas prices to push up farmers’ fertiliser costs by nearly £2bn
“We will curtail Putin’s capacity to fund his war from oil exports by banning services, such as insurance and the provision of finance, to vessels carrying Russian oil above an agreed price cap.
“We are united against this barbaric aggression and will do all we can to support Ukraine as they fight for sovereignty, democracy and freedom.”
The G7 ministers said that the level of the cap will be set by agreement among the coalition of countries backing the move.
The price cap´s effectiveness and impact will be closely monitored and the price level will be reviewed “as necessary”, they said.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments