Foreign Ministers' Statement: Russia Oil Price Cap Still On Table

The foreign ministers of the G7 group of industrialised nations have released a joint statement condemning Russia's actions with regards to energy security.

• Link:https://www.auswaertiges-amt.de/en/newsroom/news/-...
• "We [...] condemn Russian attempts to weaponise its energy exports and use energy as a tool of geopolitical coercion. Russia is therefore not a reliable energy supplier. We will act in solidarity and close coordination to mitigate the impact of supply disruptions [...]. We will build on our recent actions to secure energy supplies, stabilise markets and mitigate the increases in energy prices driven by Russia’s actions and extraordinary market conditions."
• "We continue to explore further measures to prevent Russia from profiting from its war of aggression and to curtail Russia´s ability to wage war. [...] We remain committed to considering a range of approaches, including options for a comprehensive prohibition of all services that enable transportation of Russian seaborne crude oil and petroleum products globally, unless the oil is purchased at or below a price to be agreed in consultation with international partners."
• "We welcome efforts by partners with the aim of replenishing gas reserves and increasing energy security and resilience, amid Russia’s increased weaponization of energy."
• The statement comes a day ahead of the August OPEC+ ministerial meeting in Vienna, where OPEC members alongside Russia will decide on oil production levels for September, with the US and allies pressing for a production increase.