G7 promised measures to reduce Russia's income from energy exports

The G7 countries promised to tighten control over compliance with the price ceiling for Russianoil and impose sanctions against violators. Russia considers these and other restrictions illegal

The G7 countries will take measures aimed at reducing Russia's income from energy exports, the group said in a statement following the summit of the group's leaders.

They promised to tighten control over compliance with the price ceiling on Russian oil and respond to violations of the limit, in particular, to introduce sanctions against those who help Russia circumvent the restrictions.

“We will continue to impede the development of Russia's future energy projects and prevent IT from developing alternatives to energy transportation and other services. We will continue our efforts to reduce Russia’s income from metal exports,” the statement also says.

Russian assets abroad will remain frozen until Russia compensates for damage to Ukraine from military actions, the communiqué said. The G7 countries, the EU and Australia have blocked the assets of the Russian Central Bank in the form of cash and securities amounting to about €260 billion, more than two-thirds of this amount is frozen in the EU. Most of it is in the Belgian Euroclear, from which the group earned about €4 billion this year thanks to investments. The EU Council in mid-February approved a resolution that will provide a legal basis for the use of profits from frozen Russian assets for Ukraine.

The Russian authorities condemn support for Ukraine, call restrictions on Russian energy resources and other sanctions ineffective and illegal; Moscow promises to respond to the confiscation of its assets abroad.

The G7 countries introduced a price ceiling for oil from Russia in December 2022. The limit was $60 per barrel. A similar measure affected petroleum products: the maximum price for diesel fuel was $100, for fuel oil - $45. In December 2023, the United States tightened control over compliance with the price ceiling and imposed sanctions on tankers suspected of transporting Russian oil at a price above the limit. President Vladimir Putin responded by issuing a decree banning supplies to foreign citizens and companies if the contracts “directly or indirectly provide for the use of a price cap mechanism.” The authorities also reoriented the Export of oil and petroleum products to new markets. According to Deputy Prime Minister Alexander Novak, in 2023, friendly countries accounted for more than 80% of supplies. In total, the Deputy Prime Minister reported, oil exports from Russia in 2023 amounted to 234.3 million tons, which is 3.3% less than a year earlier.

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The G7 countries in their statement also promised to continue to support Ukraine’s right to self-defense, help with the export of its agricultural products across the Black Sea and develop the “peace formula” developed by Kiev, which includes the withdrawal of Russian troops. Moscow ruled out negotiations based on this formula. Foreign Minister Sergei Lavrov called Kyiv’s plan unrealizable. President Vladimir Putin said that Russia is ready for negotiations with Ukraine, but taking into account its interests.

The G7 summit was held online, with the participation of the Presidents of the United States and Ukraine Joe Biden and Vladimir Zelensky , the Prime Ministers of Italy, Canada, Japan and Great Britain Giorgia Meloni, Justin Trudeau, Fumio Kishida and Rishi Sunak, German Chancellor Olaf Scholz, the head of the European Commission Ursula von der Leyen, European Council President Charles Michel and French Foreign Minister Stephane Sejournet.