It comes after G7 finance ministers agreed to impose a price cap on Russian oil exports in a bid to curb funding for President Vladimir Putin’s war in Ukraine. Gazprom said it was not restoring supplies to Europe because the main gas turbine at the Portovaya compressor station near St. Petersburg could not operate safely until a leak was repaired. He did not say when supplies would resume. The G7 decision was taken at a virtual meeting of the group, made up of seven of the world’s richest countries – the UK, US, Canada, Italy, France, Germany and Japan – on Friday afternoon. Confirming the news, Chancellor Nadhim Zahawi said: “We will limit Putin’s ability to finance the war from oil exports by banning services, such as insurance and financing, on ships carrying Russian oil above an agreed price ceiling.” . Westminster rocked by ‘appalling’ new sexual assault allegations – Politics Hub The price cap has yet to be decided. A statement from G7 finance ministers said it would be determined by the full coalition before being implemented in each country. Despite selling less oil since the invasion of Ukraine in February, Russia earned 600 million pounds more from oil sales in June than the previous month, due to soaring prices spurred by the war. In addition to limiting Russia’s revenue, it is hoped that the price cap can also reduce rising energy prices around the world. Speaking after the announcement, Mr Zahawi said the move would “protect our citizens from oil price shocks next year”. He added: “This is an important step forward. “It will mean that Putin cannot take advantage of excessively high oil prices and of course protect us all from oil price shocks next year and beyond.” Image: Chancellor Nadhim Zahawi “Putin’s strategy won’t work” The G7 decision comes after Mr Zahawi met Treasury Secretary Janet Yellen in Washington on Wednesday for talks on how to tackle the spiraling cost of living crisis. Sky News understands that the meeting was important to put the two countries on a price cap. Mr Zahawi said G7 ministers would discuss strategies for implementing the cap in December and then implement it in February. Energy bills will soar for millions of UK households before then after Ofgem increased its price cap by 80% in October – plunging many into financial hardship.
A heroic wish list that remains very short on detail
Paul Kelso
Business Correspondent @pkelso The G7 and EU states have already pledged to reduce or reduce imports of Russian oil and gas. The “price ceiling” announced today by G7 finance ministers is an attempt to further choke Moscow’s fossil fuel revenues by targeting the service companies that provide the logistical and administrative architecture of the oil trade. The G7 says service providers will be barred from “allowing maritime transport” of crude oil and petroleum products if they trade above a yet-to-be-determined ceiling. The announcement is not specific about which services, but we can assume that shipping, transport, insurance, finance and trading companies, many of which are based in the EU, US, UK and Switzerland, are being targeted by finance ministers. The aim, according to Chancellor Nadhim Zahawi, is to reduce Moscow’s oil revenue while protecting low- and middle-income countries still dependent on Russian imports and insulating British consumers from future price shocks. This is a heroic wish list, but one that remains theoretical and very short on details. This announcement only signals an “intent to finalize and implement” a plan, and it is unclear how it will be implemented. What is clear is that existing measures to curb dependence on fossil fuels are not hitting the Kremlin’s revenues as hard as expected. Although Russian oil export volumes have fallen, higher world prices caused by the war mean revenues are rising. Research from the Center for Energy and Clean Air shows that revenue rose in July as exports fell 6 percent. And while Western customers are turning their backs, India and China are exacerbating the slack, with Beijing now relying on Moscow for nearly 25 percent of its oil imports. Today’s move by the G7 is a recognition that so far, Russia’s strategic weaponization of fossil fuels has been a win-win strategy. While European consumers are hit with higher bills, in turn perhaps weakening support for Ukraine, Moscow is still collecting money. Read more: Zahawi prepares multibillion-pound tax cuts for businesses to weather energy crisis Who proposes what to tackle rising energy bills? Mr Zahawi acknowledged that people need help sooner than when the cap on Russian oil comes into effect. He said he was “very concerned about the scarring effect on business” and that the government was “working through options” so that the next prime minister, who will be appointed on Monday, can “hit the ground running to be able to provide additional assistance in January and until next year”. Mr Zahawi added: “Putin must know that this strategy is not going to work. He believes that actually using energy as a tool to deal with us will work… It’s not going to work. “And in fact, today’s G7 is another reminder to him why we will coordinate and deal with these energy price shocks collectively and continue to help Ukraine get its country back.”
title: “Russia S Gazprom Says Gas Flows To Europe Will Remain Shut After G7 Agrees Price Cap To Throttle Putin S War Machine Political News Klmat” ShowToc: true date: “2022-12-13” author: “Tony Singer”
It comes after G7 finance ministers agreed to impose a price cap on Russian oil exports in a bid to curb funding for President Vladimir Putin’s war in Ukraine. Gazprom said it was not restoring supplies to Europe because the main gas turbine at the Portovaya compressor station near St. Petersburg could not operate safely until a leak was repaired. He did not say when supplies would resume. The G7 decision was taken at a virtual meeting of the group, made up of seven of the world’s richest countries – the UK, US, Canada, Italy, France, Germany and Japan – on Friday afternoon. Confirming the news, Chancellor Nadhim Zahawi said: “We will limit Putin’s ability to finance the war from oil exports by banning services, such as insurance and financing, on ships carrying Russian oil above an agreed price ceiling.” . Westminster rocked by ‘appalling’ new sexual assault allegations – Politics Hub The price cap has yet to be decided. A statement from G7 finance ministers said it would be determined by the full coalition before being implemented in each country. Despite selling less oil since the invasion of Ukraine in February, Russia earned 600 million pounds more from oil sales in June than the previous month, due to soaring prices spurred by the war. In addition to limiting Russia’s revenue, it is hoped that the price cap can also reduce rising energy prices around the world. Speaking after the announcement, Mr Zahawi said the move would “protect our citizens from oil price shocks next year”. He added: “This is an important step forward. “It will mean that Putin cannot take advantage of excessively high oil prices and of course protect us all from oil price shocks next year and beyond.” Image: Chancellor Nadhim Zahawi “Putin’s strategy won’t work” The G7 decision comes after Mr Zahawi met Treasury Secretary Janet Yellen in Washington on Wednesday for talks on how to tackle the spiraling cost of living crisis. Sky News understands that the meeting was important to put the two countries on a price cap. Mr Zahawi said G7 ministers would discuss strategies for implementing the cap in December and then implement it in February. Energy bills will soar for millions of UK households before then after Ofgem increased its price cap by 80% in October – plunging many into financial hardship.
A heroic wish list that remains very short on detail
Paul Kelso
Business Correspondent @pkelso The G7 and EU states have already pledged to reduce or reduce imports of Russian oil and gas. The “price ceiling” announced today by G7 finance ministers is an attempt to further choke Moscow’s fossil fuel revenues by targeting the service companies that provide the logistical and administrative architecture of the oil trade. The G7 says service providers will be barred from “allowing maritime transport” of crude oil and petroleum products if they trade above a yet-to-be-determined ceiling. The announcement is not specific about which services, but we can assume that shipping, transport, insurance, finance and trading companies, many of which are based in the EU, US, UK and Switzerland, are being targeted by finance ministers. The aim, according to Chancellor Nadhim Zahawi, is to reduce Moscow’s oil revenue while protecting low- and middle-income countries still dependent on Russian imports and insulating British consumers from future price shocks. This is a heroic wish list, but one that remains theoretical and very short on details. This announcement only signals an “intent to finalize and implement” a plan, and it is unclear how it will be implemented. What is clear is that existing measures to curb dependence on fossil fuels are not hitting the Kremlin’s revenues as hard as expected. Although Russian oil export volumes have fallen, higher world prices caused by the war mean revenues are rising. Research from the Center for Energy and Clean Air shows that revenue rose in July as exports fell 6 percent. And while Western customers are turning their backs, India and China are exacerbating the slack, with Beijing now relying on Moscow for nearly 25 percent of its oil imports. Today’s move by the G7 is a recognition that so far, Russia’s strategic weaponization of fossil fuels has been a win-win strategy. While European consumers are hit with higher bills, in turn perhaps weakening support for Ukraine, Moscow is still collecting money. Read more: Zahawi prepares multibillion-pound tax cuts for businesses to weather energy crisis Who proposes what to tackle rising energy bills? Mr Zahawi acknowledged that people need help sooner than when the cap on Russian oil comes into effect. He said he was “very concerned about the scarring effect on business” and that the government was “working through options” so that the next prime minister, who will be appointed on Monday, can “hit the ground running to be able to provide additional assistance in January and until next year”. Mr Zahawi added: “Putin must know that this strategy is not going to work. He believes that actually using energy as a tool to deal with us will work… It’s not going to work. “And in fact, today’s G7 is another reminder to him why we will coordinate and deal with these energy price shocks collectively and continue to help Ukraine get its country back.”
title: “Russia S Gazprom Says Gas Flows To Europe Will Remain Shut After G7 Agrees Price Cap To Throttle Putin S War Machine Political News Klmat” ShowToc: true date: “2022-11-01” author: “Robin Courtemanche”
It comes after G7 finance ministers agreed to impose a price cap on Russian oil exports in a bid to curb funding for President Vladimir Putin’s war in Ukraine. Gazprom said it was not restoring supplies to Europe because the main gas turbine at the Portovaya compressor station near St. Petersburg could not operate safely until a leak was repaired. He did not say when supplies would resume. The G7 decision was taken at a virtual meeting of the group, made up of seven of the world’s richest countries – the UK, US, Canada, Italy, France, Germany and Japan – on Friday afternoon. Confirming the news, Chancellor Nadhim Zahawi said: “We will limit Putin’s ability to finance the war from oil exports by banning services, such as insurance and financing, on ships carrying Russian oil above an agreed price ceiling.” . Westminster rocked by ‘appalling’ new sexual assault allegations – Politics Hub The price cap has yet to be decided. A statement from G7 finance ministers said it would be determined by the full coalition before being implemented in each country. Despite selling less oil since the invasion of Ukraine in February, Russia earned 600 million pounds more from oil sales in June than the previous month, due to soaring prices spurred by the war. In addition to limiting Russia’s revenue, it is hoped that the price cap can also reduce rising energy prices around the world. Speaking after the announcement, Mr Zahawi said the move would “protect our citizens from oil price shocks next year”. He added: “This is an important step forward. “It will mean that Putin cannot take advantage of excessively high oil prices and of course protect us all from oil price shocks next year and beyond.” Image: Chancellor Nadhim Zahawi “Putin’s strategy won’t work” The G7 decision comes after Mr Zahawi met Treasury Secretary Janet Yellen in Washington on Wednesday for talks on how to tackle the spiraling cost of living crisis. Sky News understands that the meeting was important to put the two countries on a price cap. Mr Zahawi said G7 ministers would discuss strategies for implementing the cap in December and then implement it in February. Energy bills will soar for millions of UK households before then after Ofgem increased its price cap by 80% in October – plunging many into financial hardship.
A heroic wish list that remains very short on detail
Paul Kelso
Business Correspondent @pkelso The G7 and EU states have already pledged to reduce or reduce imports of Russian oil and gas. The “price ceiling” announced today by G7 finance ministers is an attempt to further choke Moscow’s fossil fuel revenues by targeting the service companies that provide the logistical and administrative architecture of the oil trade. The G7 says service providers will be barred from “allowing maritime transport” of crude oil and petroleum products if they trade above a yet-to-be-determined ceiling. The announcement is not specific about which services, but we can assume that shipping, transport, insurance, finance and trading companies, many of which are based in the EU, US, UK and Switzerland, are being targeted by finance ministers. The aim, according to Chancellor Nadhim Zahawi, is to reduce Moscow’s oil revenue while protecting low- and middle-income countries still dependent on Russian imports and insulating British consumers from future price shocks. This is a heroic wish list, but one that remains theoretical and very short on details. This announcement only signals an “intent to finalize and implement” a plan, and it is unclear how it will be implemented. What is clear is that existing measures to curb dependence on fossil fuels are not hitting the Kremlin’s revenues as hard as expected. Although Russian oil export volumes have fallen, higher world prices caused by the war mean revenues are rising. Research from the Center for Energy and Clean Air shows that revenue rose in July as exports fell 6 percent. And while Western customers are turning their backs, India and China are exacerbating the slack, with Beijing now relying on Moscow for nearly 25 percent of its oil imports. Today’s move by the G7 is a recognition that so far, Russia’s strategic weaponization of fossil fuels has been a win-win strategy. While European consumers are hit with higher bills, in turn perhaps weakening support for Ukraine, Moscow is still collecting money. Read more: Zahawi prepares multibillion-pound tax cuts for businesses to weather energy crisis Who proposes what to tackle rising energy bills? Mr Zahawi acknowledged that people need help sooner than when the cap on Russian oil comes into effect. He said he was “very concerned about the scarring effect on business” and that the government was “working through options” so that the next prime minister, who will be appointed on Monday, can “hit the ground running to be able to provide additional assistance in January and until next year”. Mr Zahawi added: “Putin must know that this strategy is not going to work. He believes that actually using energy as a tool to deal with us will work… It’s not going to work. “And in fact, today’s G7 is another reminder to him why we will coordinate and deal with these energy price shocks collectively and continue to help Ukraine get its country back.”
title: “Russia S Gazprom Says Gas Flows To Europe Will Remain Shut After G7 Agrees Price Cap To Throttle Putin S War Machine Political News Klmat” ShowToc: true date: “2022-11-05” author: “Linda Holden”
It comes after G7 finance ministers agreed to impose a price cap on Russian oil exports in a bid to curb funding for President Vladimir Putin’s war in Ukraine. Gazprom said it was not restoring supplies to Europe because the main gas turbine at the Portovaya compressor station near St. Petersburg could not operate safely until a leak was repaired. He did not say when supplies would resume. The G7 decision was taken at a virtual meeting of the group, made up of seven of the world’s richest countries – the UK, US, Canada, Italy, France, Germany and Japan – on Friday afternoon. Confirming the news, Chancellor Nadhim Zahawi said: “We will limit Putin’s ability to finance the war from oil exports by banning services, such as insurance and financing, on ships carrying Russian oil above an agreed price ceiling.” . Westminster rocked by ‘appalling’ new sexual assault allegations – Politics Hub The price cap has yet to be decided. A statement from G7 finance ministers said it would be determined by the full coalition before being implemented in each country. Despite selling less oil since the invasion of Ukraine in February, Russia earned 600 million pounds more from oil sales in June than the previous month, due to soaring prices spurred by the war. In addition to limiting Russia’s revenue, it is hoped that the price cap can also reduce rising energy prices around the world. Speaking after the announcement, Mr Zahawi said the move would “protect our citizens from oil price shocks next year”. He added: “This is an important step forward. “It will mean that Putin cannot take advantage of excessively high oil prices and of course protect us all from oil price shocks next year and beyond.” Image: Chancellor Nadhim Zahawi “Putin’s strategy won’t work” The G7 decision comes after Mr Zahawi met Treasury Secretary Janet Yellen in Washington on Wednesday for talks on how to tackle the spiraling cost of living crisis. Sky News understands that the meeting was important to put the two countries on a price cap. Mr Zahawi said G7 ministers would discuss strategies for implementing the cap in December and then implement it in February. Energy bills will soar for millions of UK households before then after Ofgem increased its price cap by 80% in October – plunging many into financial hardship.
A heroic wish list that remains very short on detail
Paul Kelso
Business Correspondent @pkelso The G7 and EU states have already pledged to reduce or reduce imports of Russian oil and gas. The “price ceiling” announced today by G7 finance ministers is an attempt to further choke Moscow’s fossil fuel revenues by targeting the service companies that provide the logistical and administrative architecture of the oil trade. The G7 says service providers will be barred from “allowing maritime transport” of crude oil and petroleum products if they trade above a yet-to-be-determined ceiling. The announcement is not specific about which services, but we can assume that shipping, transport, insurance, finance and trading companies, many of which are based in the EU, US, UK and Switzerland, are being targeted by finance ministers. The aim, according to Chancellor Nadhim Zahawi, is to reduce Moscow’s oil revenue while protecting low- and middle-income countries still dependent on Russian imports and insulating British consumers from future price shocks. This is a heroic wish list, but one that remains theoretical and very short on details. This announcement only signals an “intent to finalize and implement” a plan, and it is unclear how it will be implemented. What is clear is that existing measures to curb dependence on fossil fuels are not hitting the Kremlin’s revenues as hard as expected. Although Russian oil export volumes have fallen, higher world prices caused by the war mean revenues are rising. Research from the Center for Energy and Clean Air shows that revenue rose in July as exports fell 6 percent. And while Western customers are turning their backs, India and China are exacerbating the slack, with Beijing now relying on Moscow for nearly 25 percent of its oil imports. Today’s move by the G7 is a recognition that so far, Russia’s strategic weaponization of fossil fuels has been a win-win strategy. While European consumers are hit with higher bills, in turn perhaps weakening support for Ukraine, Moscow is still collecting money. Read more: Zahawi prepares multibillion-pound tax cuts for businesses to weather energy crisis Who proposes what to tackle rising energy bills? Mr Zahawi acknowledged that people need help sooner than when the cap on Russian oil comes into effect. He said he was “very concerned about the scarring effect on business” and that the government was “working through options” so that the next prime minister, who will be appointed on Monday, can “hit the ground running to be able to provide additional assistance in January and until next year”. Mr Zahawi added: “Putin must know that this strategy is not going to work. He believes that actually using energy as a tool to deal with us will work… It’s not going to work. “And in fact, today’s G7 is another reminder to him why we will coordinate and deal with these energy price shocks collectively and continue to help Ukraine get its country back.”
