G7 finance ministers agree to Russian oil price cap

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September 2, 2022 9:20 AM EDT

German Finance Minister Christian Lindner arrives to give a statement, following a meeting of the Group of Seven (G7) finance ministers in Berlin, Germany September 2, 2022. REUTERS/Michele Tantussi

BERLIN (Reuters) - The Group of Seven (G7) finance ministers plan to implement a price cap on Russian-origin crude oil and petroleum products, they confirmed in a joint statement on Friday.

The initial price cap will be based on range of technical inputs and the price level will be revisited as necessary, said the ministers.

"We aim to align implementation with the timeline of related measures within the EU´s sixth sanctions package," they added.

(Reporting by Christian Kraemer, Writing by Miranda Murray; Editing by Paul Carrel)


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