The G7 finance ministers decided unanimously to set a price ceiling for oil and gas supplies from Russia, according to Japanese Finance Minister Shunichi Suzuki.
Meanwhile, the Russian “Gazprom” announced, Friday evening, that there was a malfunction in the only turbine operating in the “North Stream-1” gas pipeline, and it was stopped completely until the defect is corrected.
Western sanctions imposed on Russia impede the maintenance work of the Siemens turbines installed on the “North Stream-1” pipeline.
The finance ministries of the G7 countries confirmed their intention to “ban the maritime transport of Russian oil and petroleum products unless they are purchased at a limited price.”
The G7 countries also emphasized that, in addition to the restrictions on oil, they would develop mechanisms that would allow weak countries to maintain access to energy markets, including from Russia.
Western countries, once morest the backdrop of Russia’s special operation in Ukraine, continue to seek to reduce Russia’s income from energy exports, and the European Union has already adopted a set of sanctions, including a ban on coal and oil supplies. Meanwhile, supply chain disruptions have sharply increased fuel and food prices in Europe and the United States.
Earlier, Kremlin spokesman Dmitry Peskov warned of the repercussions of the Group of Seven (G7) imposing a ceiling on the price of a barrel of Russian oil, and said that “this step will lead to a significant destabilization of the market.”
Expectations of a rocketing rise in oil prices
In addition, JPMorgan warned that oil prices might rise to $380 a barrel, if Russia decides to respond to Western efforts to put a cap on the price of Russian oil.
In a report published earlier, the US bank said that price restrictions might push Russia to reduce its oil production by up to 5 million barrels per day without causing serious damage to its economy.
“The worst-case scenario of a production drop of 5 million barrels per day might push oil prices to $380 per barrel,” JPMorgan analysts said in a note.
