Last week, the G7 countries again failed to agree on a complete renunciation of Russian gas but took measures to limit money flow to the aggressor country. The plan to fix the price of Russian oil aims to reduce the profit Russia receives from oil sales. This serves as a punitive and restrictive measure against Moscow for its onslaught on Kyiv and the destruction of Ukraine.
China and India, at this time, succumbed to the cunning of Russia and took advantage of preferential rates. China and India increase oil purchases from Russia from February 24, the first day of Russia's invasion of Ukraine.
However, the European Union expects and calls on the governments of South and East Asia to support a price reversal in the aggressor country. The European Commissioner for energy, Kadri Simson, believes that all civilized countries can and should support the G7 plan.
"China and India are ready to buy Russian oil products, justifying themselves for the fact that it is important for their supply security. But it is unfair to pay the excess income to Russia. Thus, the restriction allows buyers who have not joined our sanctions to get oil at a fair price, a price to which the military factor is not added," said Simpson CNBC before the G20 meeting.
The price ceiling is expected to be ready by early December, so the EU has time to provide Asian countries with convincing arguments.