Sept. 10, 2011 file photo photo showing an oil rig near the town of Usinsk, 1500 kilometers (930 miles) northeast of Moscow. The European Union’s executive commission has proposed phasing out imports of Russian oil within six months. It is part of Europe’s struggle to stop paying Russia $850 million a day for energy and hit the Kremlin’s finances over its invasion of Ukraine. (AP Photo/Dmitry Lovetsky).
(AP Photo/Dmitry Lovetsky)
The Group of Seven (G7) finance ministers plan to implement a price cap on Russian-origin crude oil and petroleum products, they confirmed in a joint statement on Friday.
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.
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“We aim to align implementation with the timeline of related measures within the EU´s sixth sanctions package,” they added.
— More to come.
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