Blow to Oil Revenues

by Olha Povaliaieva
Friday, September 2, 2022
Blow to Oil Revenues

The G7 has agreed to introduce an oil price cap on the aggressor country

Russian oil and gas have proved to be strong deterrents for Europe. Virtually no EU leader is ready to take responsibility and give up Russian fuel completely. But the G7 countries are trying to limit Russia's profits while the aggressor spends foreign money on a war against Ukraine.

The Wall Street Journal published an article on the adoption of new measures regarding Russian oil, citing sources close to the negotiations. It is reported that the United States, Britain, and other G7 countries have agreed in principle to introduce a ceiling on Russian oil prices. The first official statement and presentation of the agreement are expected to be made public on Friday, 2 September.

At the time, European Commission president Ursula von der Leyen did not deny this information. It believes that the time has come to introduce a price ceiling on Russian pipeline gas supplied to Europe, following the example of the oil price cap. The politician also said that European repositories are already 80% full — which means that the schedule is ahead of schedule.

The Russian side has already reacted. The deputy president of the security council of the Russian Federation, Medvedev, threatened Europe, saying that if such measures were taken, Russian gas would "simply not be available in Europe".

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