News From Ukraine G7 Limits The Price Of Russian Oil

Finance ministers from the G7 group of countries — the United States, Japan, Canada, Germany, France, Italy and the United Kingdom — said they would ban the provision of “services that enable the worldwide shipping of crude oil and petroleum products of Russian origin” above the price cap.This could prevent insurance coverage or financing for oil shipments. The maximum price will be set by “a broad coalition” of countries, they said in a joint statement. Russia had already threatened to retaliate by banning oil exports to participating countries. “We simply will not supply oil and oil products to such companies or states that impose restrictions, as we will not work non-competitively,” Deputy Prime Minister Alexander Novak told reporters on Thursday, according to the state-run TASS news agency. The West has already sanctioned many Russian energy exports, but Moscow has continued to earn billions of dollars a month by diverting oil to China and Asia. The Biden administration is pushing governments to introduce a price cap because it would reduce the revenue President Vladimir Putin needs to fund his war in Ukraine, while theoretically allowing Russian barrels to keep flowing to world markets, avoiding a new inflationary supply shock. “The price cap is specifically designed to reduce Russian revenues and Russia’s ability to finance its war of aggression, while limiting the impact of Russia’s war on global energy prices, particularly for low- and middle-income countries,” they said. the finance ministers of the G7. But the measure still needs a lot of work and will be extremely complex to administer. How, when and to what extent the price of Russian oil could be contained remains to be seen. It would also need broad international support to be effective. Since early July, oil prices have fallen about 18% on expectations that the recession will reduce demand, but are still about 20% higher than a year ago. Novak called the proposals to impose restrictions “absolutely absurd” and said they could destroy the global oil market, TASS reported. “Such efforts will only destabilize the oil industry, the oil market,” he said. “This will completely destroy the market,” he added. Europe and the United States have banned most Russian oil imports. But the plan to pile the pain on Putin didn’t work. Flows of crude oil and other petroleum products to the United States, the United Kingdom, the European Union, Japan and South Korea have fallen by nearly 2.2 million barrels per day since the start of the war in Ukraine, according to the International Energy Agency. However, two-thirds of that decline has been rerouted to other markets such as China and India, helping to fill Moscow’s coffers. Export earnings in July were about $19 billion, the IEA said. Russia’s control of large parts of the world’s energy reserves remains a major challenge six months after its invasion of Ukraine. This week, Russia temporarily cut off gas deliveries to the region through a vital pipeline and cut off all supplies to a French utility, exacerbating problems that have driven European inflation to a record high of 9 percent. Russian state energy giant Gazprom said the cut in deliveries via the Nord Stream 1 pipeline was due to a planned shutdown for a few days for maintenance work. It is supposed to reopen on Saturday. — Chris Liakos, Anna Cooban and Manveena Suri contributed to this report.

title: “News From Ukraine G7 Limits The Price Of Russian Oil Klmat” ShowToc: true date: “2022-12-16” author: “Keith Wilson”

Finance ministers from the G7 group of countries — the United States, Japan, Canada, Germany, France, Italy and the United Kingdom — said they would ban the provision of “services that enable the worldwide shipping of crude oil and petroleum products of Russian origin” above the price cap.This could prevent insurance coverage or financing for oil shipments. The maximum price will be set by “a broad coalition” of countries, they said in a joint statement. Russia had already threatened to retaliate by banning oil exports to participating countries. “We simply will not supply oil and oil products to such companies or states that impose restrictions, as we will not work non-competitively,” Deputy Prime Minister Alexander Novak told reporters on Thursday, according to the state-run TASS news agency. The West has already sanctioned many Russian energy exports, but Moscow has continued to earn billions of dollars a month by diverting oil to China and Asia. The Biden administration is pushing governments to introduce a price cap because it would reduce the revenue President Vladimir Putin needs to fund his war in Ukraine, while theoretically allowing Russian barrels to keep flowing to world markets, avoiding a new inflationary supply shock. “The price cap is specifically designed to reduce Russian revenues and Russia’s ability to finance its war of aggression, while limiting the impact of Russia’s war on global energy prices, particularly for low- and middle-income countries,” they said. the finance ministers of the G7. But the measure still needs a lot of work and will be extremely complex to administer. How, when and to what extent the price of Russian oil could be contained remains to be seen. It would also need broad international support to be effective. Since early July, oil prices have fallen about 18% on expectations that the recession will reduce demand, but are still about 20% higher than a year ago. Novak called the proposals to impose restrictions “absolutely absurd” and said they could destroy the global oil market, TASS reported. “Such efforts will only destabilize the oil industry, the oil market,” he said. “This will completely destroy the market,” he added. Europe and the United States have banned most Russian oil imports. But the plan to pile the pain on Putin didn’t work. Flows of crude oil and other petroleum products to the United States, the United Kingdom, the European Union, Japan and South Korea have fallen by nearly 2.2 million barrels per day since the start of the war in Ukraine, according to the International Energy Agency. However, two-thirds of that decline has been rerouted to other markets such as China and India, helping to fill Moscow’s coffers. Export earnings in July were about $19 billion, the IEA said. Russia’s control of large parts of the world’s energy reserves remains a major challenge six months after its invasion of Ukraine. This week, Russia temporarily cut off gas deliveries to the region through a vital pipeline and cut off all supplies to a French utility, exacerbating problems that have driven European inflation to a record high of 9 percent. Russian state energy giant Gazprom said the cut in deliveries via the Nord Stream 1 pipeline was due to a planned shutdown for a few days for maintenance work. It is supposed to reopen on Saturday. — Chris Liakos, Anna Cooban and Manveena Suri contributed to this report.

title: “News From Ukraine G7 Limits The Price Of Russian Oil Klmat” ShowToc: true date: “2022-12-06” author: “Stephanie Roy”

Finance ministers from the G7 group of countries — the United States, Japan, Canada, Germany, France, Italy and the United Kingdom — said they would ban the provision of “services that enable the worldwide shipping of crude oil and petroleum products of Russian origin” above the price cap.This could prevent insurance coverage or financing for oil shipments. The maximum price will be set by “a broad coalition” of countries, they said in a joint statement. Russia had already threatened to retaliate by banning oil exports to participating countries. “We simply will not supply oil and oil products to such companies or states that impose restrictions, as we will not work non-competitively,” Deputy Prime Minister Alexander Novak told reporters on Thursday, according to the state-run TASS news agency. The West has already sanctioned many Russian energy exports, but Moscow has continued to earn billions of dollars a month by diverting oil to China and Asia. The Biden administration is pushing governments to introduce a price cap because it would reduce the revenue President Vladimir Putin needs to fund his war in Ukraine, while theoretically allowing Russian barrels to keep flowing to world markets, avoiding a new inflationary supply shock. “The price cap is specifically designed to reduce Russian revenues and Russia’s ability to finance its war of aggression, while limiting the impact of Russia’s war on global energy prices, particularly for low- and middle-income countries,” they said. the finance ministers of the G7. But the measure still needs a lot of work and will be extremely complex to administer. How, when and to what extent the price of Russian oil could be contained remains to be seen. It would also need broad international support to be effective. Since early July, oil prices have fallen about 18% on expectations that the recession will reduce demand, but are still about 20% higher than a year ago. Novak called the proposals to impose restrictions “absolutely absurd” and said they could destroy the global oil market, TASS reported. “Such efforts will only destabilize the oil industry, the oil market,” he said. “This will completely destroy the market,” he added. Europe and the United States have banned most Russian oil imports. But the plan to pile the pain on Putin didn’t work. Flows of crude oil and other petroleum products to the United States, the United Kingdom, the European Union, Japan and South Korea have fallen by nearly 2.2 million barrels per day since the start of the war in Ukraine, according to the International Energy Agency. However, two-thirds of that decline has been rerouted to other markets such as China and India, helping to fill Moscow’s coffers. Export earnings in July were about $19 billion, the IEA said. Russia’s control of large parts of the world’s energy reserves remains a major challenge six months after its invasion of Ukraine. This week, Russia temporarily cut off gas deliveries to the region through a vital pipeline and cut off all supplies to a French utility, exacerbating problems that have driven European inflation to a record high of 9 percent. Russian state energy giant Gazprom said the cut in deliveries via the Nord Stream 1 pipeline was due to a planned shutdown for a few days for maintenance work. It is supposed to reopen on Saturday. — Chris Liakos, Anna Cooban and Manveena Suri contributed to this report.

title: “News From Ukraine G7 Limits The Price Of Russian Oil Klmat” ShowToc: true date: “2022-12-08” author: “Catherine Washinski”

Finance ministers from the G7 group of countries — the United States, Japan, Canada, Germany, France, Italy and the United Kingdom — said they would ban the provision of “services that enable the worldwide shipping of crude oil and petroleum products of Russian origin” above the price cap.This could prevent insurance coverage or financing for oil shipments. The maximum price will be set by “a broad coalition” of countries, they said in a joint statement. Russia had already threatened to retaliate by banning oil exports to participating countries. “We simply will not supply oil and oil products to such companies or states that impose restrictions, as we will not work non-competitively,” Deputy Prime Minister Alexander Novak told reporters on Thursday, according to the state-run TASS news agency. The West has already sanctioned many Russian energy exports, but Moscow has continued to earn billions of dollars a month by diverting oil to China and Asia. The Biden administration is pushing governments to introduce a price cap because it would reduce the revenue President Vladimir Putin needs to fund his war in Ukraine, while theoretically allowing Russian barrels to keep flowing to world markets, avoiding a new inflationary supply shock. “The price cap is specifically designed to reduce Russian revenues and Russia’s ability to finance its war of aggression, while limiting the impact of Russia’s war on global energy prices, particularly for low- and middle-income countries,” they said. the finance ministers of the G7. But the measure still needs a lot of work and will be extremely complex to administer. How, when and to what extent the price of Russian oil could be contained remains to be seen. It would also need broad international support to be effective. Since early July, oil prices have fallen about 18% on expectations that the recession will reduce demand, but are still about 20% higher than a year ago. Novak called the proposals to impose restrictions “absolutely absurd” and said they could destroy the global oil market, TASS reported. “Such efforts will only destabilize the oil industry, the oil market,” he said. “This will completely destroy the market,” he added. Europe and the United States have banned most Russian oil imports. But the plan to pile the pain on Putin didn’t work. Flows of crude oil and other petroleum products to the United States, the United Kingdom, the European Union, Japan and South Korea have fallen by nearly 2.2 million barrels per day since the start of the war in Ukraine, according to the International Energy Agency. However, two-thirds of that decline has been rerouted to other markets such as China and India, helping to fill Moscow’s coffers. Export earnings in July were about $19 billion, the IEA said. Russia’s control of large parts of the world’s energy reserves remains a major challenge six months after its invasion of Ukraine. This week, Russia temporarily cut off gas deliveries to the region through a vital pipeline and cut off all supplies to a French utility, exacerbating problems that have driven European inflation to a record high of 9 percent. Russian state energy giant Gazprom said the cut in deliveries via the Nord Stream 1 pipeline was due to a planned shutdown for a few days for maintenance work. It is supposed to reopen on Saturday. — Chris Liakos, Anna Cooban and Manveena Suri contributed to this report.