We understand that there is substantial interest in the policy to cap Russian oil prices, as agreed by the G7 economies (US, UK, France, Germany, Italy, Japan, and Canada), and are pleased to provide the following information on the subject:
1. G7 statement on the price cap & prohibition of services related to maritime transportation of Russian oil
On 2 September, a G7 finance ministers’ statement was issued, and a section of its paragraph five stated:
“…. today we confirm our joint political intention to finalise and implement a comprehensive prohibition of services which enable maritime transportation of Russian-origin crude oil and petroleum products globally – the provision of such services would only be allowed if the oil and petroleum products are purchased at or below a price (the price cap) determined by the broad coalition of countries adhering to and implementing the price cap.”
In short, Russian oil can continue to be conveyed…
