The leaders of the Group of Seven (G7) countries are discussing the issue of setting marginal prices for Russian oil. This was announced on Saturday, June 25, by a source in the German government.
“There is an active and constructive discussion in the circle of the Seven on how the introduction of such a marginal cost can work,” TASS quoted him as saying.
The G7 is on track to reach a solution, he said, and discussions are “in the right direction.”
Earlier this day, it was reported that the leaders of the G7 countries during the summit in the German city of Elmau, which will be held from June 26 to 28, will come up with proposals for new measures regarding pressure on Russia.
Prior to that, on June 17, Russian President Vladimir Putin, during a speech at the St. Petersburg International Economic Forum (SPIEF), said that the irresponsible macroeconomic policies of the G7 countries led to negative consequences in the global economy. He refuted the statement that a special operation to protect Donbass allegedly led to inflation in world markets.
On June 10, the head of the Bank of Russia, Elvira Nabiullina, at a press conference following a meeting of the board of directors of the regulator, warned of the risk of rising inflation in the Russian Federation due to the oil embargo. However, much, according to her, depends on how much black gold can be redirected to other markets and to what extent the decrease in volumes is compensated by the price.
The European Union has already adopted six packages of sanctions against the Russian Federation. The coordination of the last complex was the longest ever. The countries of the alliance could not reach an agreement for several weeks due to disagreements over an oil embargo.
As a result, the sixth package of restrictions included the disconnection of three Russian and one Belarusian banks from SWIFT, a partial embargo on oil, which applies to the import of Russian black gold by sea.
Western countries continue to impose sanctions against the Russian Federation, as well as Belarus, against the backdrop of a Russian special operation to protect Donbass, which was announced on February 24 by the President of the Russian Federation. The special operation began against the backdrop of the situation in the region aggravated in mid-February due to shelling by the Ukrainian military.