G7-led coalition renews efforts to enforce Russian oil price cap

Login

Register

http://www.clubofmozambique.com/

G7-led coalition renews efforts to enforce Russian oil price cap

9:32 CAT | 13 Oct 2023

FILE - Petrol trucks are parked at Volodarskaya LPDS production facility owned by Transneft oil pipeline operator in the village of Konstantinovo in the Moscow region, Russia June 8, 2022. [File photo: Reuters/Maxim Shemetov]

The Group of Seven-led coalition behind a price cap on Russian seaborne oil is renewing efforts to ensure its effective enforcement, it said on Thursday in a statement published by the British government.

The price cap is aimed at reducing Russia’s ability to finance its war in Ukraine.
The coalition statement made seven recommendations for industry including: a requirement for “appropriately capitalized” protection and indemnity insurance, agreed protocols on the use of Automatic Identification Systems and enhanced checks of high-risk ship-to-ship cargo transfers.

U.S. Treasury Secretary Janet Yellen on Wednesday said the cap had sharply reduced Russian revenues over the past 10 months, and that it was critical to keep imposing severe and increasing costs on Russia.

Source: Reuters