G7 announced the details of the plan to ban the transportation of Russian oil

The G7 countries proposed to introduce a complete ban on the transportation of oil from Russia if it is purchased above the agreed price.But for "vulnerable" countries it is planned to make exceptions

The G7 countries are considering introducing a complete ban on services that allow oil to be transported from Russia if it is purchased above the ceiling price agreed with international partners. This is stated in a statement by the foreign ministers of the G7 members.

“We remain committed to considering a number of approaches, including the option of a complete ban on all services that allow the transportation of Russian oil and petroleum products around the world by sea, except in cases where oil is purchased at a price lower than that which will be agreed upon in consultations with international partners,” the document says.

At the same time, mechanisms are being considered that will allow the “most vulnerable countries” to maintain access to the Russian energy market.

Reuters learned about the plans of the G7 to impose a ceiling on oil prices from Russia by December Politics

The idea of ​​imposing marginal prices for Russian oil was first put forward at the G7 leaders' summit at the end of June. Thus, the G7 countries intend to reduce Moscow's income from oil sales. Japanese Prime Minister Fumio Kishida specified that the G7 would create a mechanism under which the upper threshold would be about half the current price. Bloomberg wrote that Washington and its allies discussed the limit at $40-60.

US Deputy Treasury Secretary Adewale Adeyemo said earlier that price ceilings for Russian oil could be set by December of this year.

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After the start of the Russian special operation in Ukraine, the United States banned the import of oil from Russia. In June, the European Union, as part of the sixth package of sanctions, imposed restrictions on the import of Russian oil by sea. Existing contracts are allowed until early December. Against this background, oil prices rose, and Russia redirected part of its supplies to Asian countries.

President Vladimir Putin said that by imposing restrictions on oil, the West is “stepping on the same rake” as in the case of Russian gas: “The result will be the same - rising prices. Oil prices will skyrocket." The head of the Central Bank, Elvira Nabiullina, allowed the cessation of oil supplies with the introduction of a price ceiling.