G7 on Friday can limit prices for Russian oil

If the Great Seven finance ministers decide to limit Russian oil prices, the Kremlin will no longer be able to make money on black gold and invest that money in war with Ukraine. G7 ministers on Friday, September 2 can impose restrictions on Russian oil export prices. This was stated by the chancellor of the Treasury of the United Kingdom.

Zagava shared his expectations during his visit to Washington, where he participated in an event organized by the American Enterprise Institute Analytical Center. "Tomorrow we have an important meeting with G7 finance ministers, and I hope that we will be able to make a statement that will mean that we will be able to move forward to ensure the restriction of oil prices," said the UK Treasury Chancellor. He explained that the British government was concerned about the oil pricing with inflation.

When setting the marginal prices of the barrel of Russian oil, they can still go into the world market theoretically, thus avoiding further reduction of supply, but Moscow will not be able to continue to earn huge profits. Earlier, the Russian Vice-Minister Alexander Novak stated that Moscow will not supply oil and oil products to those countries that would support the price limit for them.

According to the politician, the restriction of oil prices is a "complete absurd", as well as interference with market mechanisms. He is convinced that European consumers will pay for it. "We are simply such companies or countries that will impose restrictions, we will not supply them with oil and petroleum products, as we will not work on a non -market environment," Novak said. In addition, Focus reported that Japan began to buy Russian oil again.