Russia-Ukraine live: G7 to impose price cap on Russian oil

Russia-Ukraine live: G7 to impose price cap on Russian oil

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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.

“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.

Russia warns on Nord Stream gas supplies

Russia has said gas deliveries via one of the main supply routes to Europe, the Nord Stream 1 pipeline, remained at risk because just one turbine was operational, deepening European concerns as it struggles to secure enough fuel for winter.

Nord Stream 1’s flows were halted for three days this week for maintenance, with deliveries due to resume on Saturday at 01:00 GMT.

Sources familiar with Gazprom’s plans said the state-controlled firm was set to resume Nord Stream 1 deliveries on schedule, although European nations remain wary about Russian intentions.

No energy security for EU without Moscow: Russian official

Europe’s energy security is impossible without Russia, the country’s State Duma Chairman Vyacheslav Volodin says.

“Sanctions against our country led to an energy crisis in European states,” Volodin said on social media. The EU member states, Volodin added, have two ways out of the current situation: removing sanctions against Russia and launching the Nord Stream 2 pipeline.

The Baltic Sea gas pipeline project was halted in February after Russia formally recognised two breakaway regions in eastern Ukraine.

 

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