28 Jun 2022 15:13

G7 to consider comprehensive prohibition of services enabling Russian oil transportation globally until price agreed upon - communique

BERLIN. June 28 (Interfax) - G7 leaders have agreed at a summit in Bavaria, Germany, to consider a comprehensive prohibition of all services that enable transportation of Russian crude oil and petroleum products globally until they are sold at a price agreed upon by the international community.

"As for oil, we will consider a range of approaches, including options for a possible comprehensive prohibition of all services, which 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," the G7 said in a communique.

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

G7 leaders invited like-minded countries to join their effort.

They reaffirmed plans to phase out Russian oil from their markets and said they would develop "solutions that meet our objectives of reducing Russian revenues from hydrocarbons, and supporting stability in global energy markets, while minimizing negative economic impacts, especially on low- and middle-income countries."

In addition, G7 members "call on China to press Russia to immediately comply with the legally binding order of the International Court of Justice of 16 March 2022 and to abide by the relevant resolutions of the UN General Assembly [in regard to the Ukraine situation] and [...] immediately and unconditionally withdraw its troops from Ukraine."