Zelensky applauds Russian oil price ceiling, calls for it to be extended to gas

Zelensky declared, in his usual evening speech, that the imposition of a cap on the price of oil, when it comes into force, will be “an important element in protecting civilized countries and energy markets from the hybrid aggression of Russia”.

However, according to Zelensky, “the price of gas must also be limited.”

The Ukrainian head of state thanked the President of the European Commission (EC), Ursula Von der Leyen, for speaking out today in favor of this idea.

Zelensky stressed that the sanctions will help not only to stop the flow of money to Moscow, but also to “restore justice for all Europeans” against the “blackmail” of a Russia that is said to be “artificially” inflating prices.

The G7 finance ministers today reiterated their intention to gather the necessary support to impose a cap on the price of Russian oil, according to a joint document approved in a virtual meeting.

“We are looking for a broad coalition to maximize the effectiveness” of the measure, says a document published by the German Ministry of Finance, at a time when Germany holds the rotating presidency of the group of seven most industrialized countries.

The aim of the initiative is to “reduce Russian revenues from the sale of oil”, which is an important source of financing for the war in Ukraine, while at the same time reducing the rise in energy prices worldwide.

The G7 reiterates its solidarity with Ukraine and condemns Russian aggression, noting that “the economic costs of the war and the resulting price increases are felt disproportionately by vulnerable groups in all economies and particularly in countries facing food insecurity and budgetary challenges.” “.

The ministers also consider that the effect of sanctions that have already been imposed on Russia will increase over time and ensure that they continue to verify compliance with them.

“Russia is benefiting economically from the uncertainties linked to the war in energy markets,” German Finance Minister Christian Lindner said after the meeting.

The maximum price should be determined by the coalition of countries that support the measure before its implementation, say members of the G7, which includes the United States, Canada, France, Italy, the United Kingdom, Japan and Germany.

Source: Jornal de Negócios by www.jornaldenegocios.pt.

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