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- As part of the sanctions imposed on the Russian Federation as a result of the Russo-Ukrainian War, on September 2, 2022, finance ministers of the G7 group of nations agreed to cap the price of Russian oil and petroleum products in order to reduce Russia's ability to finance its war on Ukraine without further increasing the 2021–2022 inflation surge. In 2022 the Russian Federation was cushioned against oil and gas-based sanction effects because of the world rise in oil and gas prices. The reason for the price cap sanction is to remove the cushion so that the revenue earned by Russia is restricted and will not rise if world oil and gas prices rise in the future. In addition, it will make the hiring of oil tankers much harder for Russia, which will further restrict the amount of oil that Russia can sell and ship to customers, further reducing revenue. The 2022 Russian crude oil cap would be enforced by a maritime attestation that Russian crude was purchased below a certain set price, irrespective of market conditions. As of September 2022, this price cap had not been set, but G-7-based finance companies would only be allowed to provide transport and other services to Russian-based crude under these conditions. Because Russian crude will no longer be imported into Europe as of 5 December 2022, and the U.S. has a complete ban already in place, the controlled purchase of Russian oil would only affect third countries. According to ship-tracking data, ownership and oil transfer (of Russian crude) had already occurred outside territorial waters, thereby creating a challenge for its enforcement. G7 and EU countries intend to duplicate the price cap system over crude oil to provide a price cap on petroleum products from Russia at a later date. (en)
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- 8964 (xsd:nonNegativeInteger)
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- As part of the sanctions imposed on the Russian Federation as a result of the Russo-Ukrainian War, on September 2, 2022, finance ministers of the G7 group of nations agreed to cap the price of Russian oil and petroleum products in order to reduce Russia's ability to finance its war on Ukraine without further increasing the 2021–2022 inflation surge. G7 and EU countries intend to duplicate the price cap system over crude oil to provide a price cap on petroleum products from Russia at a later date. (en)
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- 2022 Russian oil price cap (en)
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