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G7+Australia Issue Statement On Russian Oil Price Cap

G7

The G7+Australia, known as the 'Price Cap Coalition,' have issued a statement on new actions to enforce the price cap on seaborne Russian oil and petroleum products.

  • Statement: "The Coalition is issuing this statement to underscore the risks of violating price cap rules... Where we have evidence that companies or persons have engaged in illicit or deceptive practices related to shipments of Russian-origin crude oil and petroleum products, we will respond in accordance with the respective restrictive measures established by the Coalition Members."
  • In the statement, the group outlines new US sanctions imposed on UAE and Turkey-based entities which they claim carried Russian crude above the price cap limit.
  • Statement: "The price cap is a dynamic tool, and the Coalition is committed to enforcing compliance with the price cap... At the same time, the Coalition remains committed to preserving stability in global energy markets, in terms of both price level and supply."
  • US Treasury Secretary Janet Yellen said yesterday the price cap had, "significantly reduced Russian revenue over the last 10 months while promoting stable energy markets."
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