Macron Voices Support For Potential Russia O&G Price Cap

Delivering presser following the conclusion of the G7 summit in Germany, French President Emmanuel Macron voices his support for a potential price cap on Russian hydrocarbons.

• Macroon: "I am in favour of capping Russian oil prices because higher prices help Russia finance the war...the problem is if you want the system to work, we must widen alliance of buyers to define the cap to make it work."
• Says that the technical implementation work on an oil cap will start now the G7 political discussion has concluded.
• Says that he is 'very favourable' on a cap on Russian gas prices, which Macron states is 'easier to implement' than an oil price cap. States that oil prices at present are 'unsustainable'.
• Macron: "I have not talked with the Crown Prince of Saudi Arabia but what we would like to do is try to see how members of OPEC+ can help offset part of production decrease...Biden will have opportunity to discuss when he visits region in coming weeks."
• The French president has a difficult political balancing act. Dealing with rising inflation and high fuel and energy prices domestically, there is the risk of political and civil unrest (Macron has already had significant dealings with the 'gilets jaunes' protest movement). Could risk either backtracking on international stage, or civil unrest domestically if prices continue to rise.