The Group of Seven agrees to block transport of crude sold above the set price
© Sputnik / Vitaly Timkiv
The finance ministers of the Group of Seven influential nations announced on Friday their intention to ban maritime services transporting Russian oil if its price is not approved by ‘international partners.’
“We commit to urgently work on the finalization and implementation of this measure,” representatives from the US, Canada, Germany, France, Italy, the UK and Japan said in a joint statement seen by AFP, without specifying the cap level.
“We seek to establish a broad coalition in order to maximize effectiveness and urge all countries that still seek to import Russian oil and petroleum products to commit to doing so only at prices at or below the price cap,” they added.
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