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G7 to implement Russian oil price cap ‘urgently’
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BERLIN, 04 September 2022, (TON): G7 industrialized powers vowed to urgently move toward implementing a price cap on Russian oil imports in a bid to cut a major source of funding for Moscow’s war in Ukraine.
The G7 said “it was working toward a broad coalition of support for the measure but officials in France urged caution, saying a final decision could only be taken once all 27 members of the European Union had given their assent.”
Households on the continent have borne the brunt of rising energy prices, with governments under pressure to alleviate the pain of the resulting high inflation.
German Finance Minister Christian Lindner said “Russia is benefitting economically from the uncertainty on energy markets caused by the war and is making big profits from the export of oil and we want to counter that decisively.”
He added “the aim of the price cap on oil exports was to stop an important source of financing for the war of aggression and contain the rise in global energy prices.”
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