G7 looking at options to restrict profits on Russian oil

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The G7 is looking at all options to prevent Russia from profiteering from high energy prices, including blocking the transportation of Russian oil unless it was purchased at or below a set price, its foreign ministers said on Tuesday.

In a statement released by Britain, they said they were considering: “a comprehensive prohibition of all services that enable transportation of Russian seaborne crude oil and petroleum products globally, unless the oil is purchased at or below a price to be agreed in consultation with international partners.”

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“In considering this and other options, we will also consider mitigation mechanisms alongside our restrictive measures to ensure the most vulnerable and impacted countries maintain access to energy markets including from Russia.”

The G7 group of wealthy developed economies is made up of Canada, France, Germany, Italy, Japan, Britain, and the United States.

Member countries have scrambled to find ways to plug energy shortages and tackle soaring prices while sticking to their climate commitments, amid a standoff with Russia after the invasion of Ukraine.

“As we phase out Russian energy from our domestic markets, we will seek to develop solutions that reduce Russian revenues from hydrocarbons, support stability in global energy markets, and minimize negative economic impacts, especially on low- and middle-income countries,” the statement said.

Read more: EU renews economic sanctions for further six months over Russia's military aggression

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