G7 Finance Chiefs Agree on Russian Oil Price Cap
TEHRAN (ANA)- The Group of Seven (G7) finance ministers have agreed to implement a price cap on Russian-origin crude oil and petroleum products, they confirmed in a joint statement.
The initial price cap will be based on a range of technical inputs and the price level will be revisited as necessary, said the ministers, Aljazeera reported.
“We aim to align implementation with the timeline of related measures within the EU´s sixth sanctions package,” they added.
The move comes a day after Russian Deputy Prime Minister Alexander Novak warned that Moscow would halt oil and petroleum products supplies to countries deciding to cap the Russian oil price.
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