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International News: G7 discusses “prohibition” on transportation of Russian oil globally unless purchased at or below a set price

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Posted: Tuesday, August 2, 2022. 11:43 am CST.

By Zoila Palma Gonzalez: The Group of 7 (G7) countries are now considering options to stop Russia from “profiting from its war of aggression and to curtail Russia’s ability to wage war”, CNN reports.

The G7 is an informal grouping of 7 of the world’s advanced economies: Canada, France, Germany, Italy, Japan, the United Kingdom, the United States, and the European Union.

Among those options discussed is the “comprehensive prohibition of all services that enable transportation of Russian seaborne crude oil and petroleum products globally” unless the oil was purchased at or below a set price, a statement said.

According to the officials, Russia is using energy as “a tool of geopolitical coercion”.

The G7  countries would reduce demand for Russian energy while protecting the most vulnerable groups from the impacts of supply disruptions and rising prices.

 

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