Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Death toll from latest Israeli strikes on Gaza rises to 30
Al Mayadeen's correspondent: Five killed in the Israeli bombing of a civilian vehicle on Al-Qassam Street in Khan Younis, south of the Gaza Strip
Hamas confirms that it has no connection to the shooting incident in Rafah and affirms its commitment to the ceasefire agreement
Al Mayadeen's correspondent: Two civilians were killed and four others, including a child and an infant, were injured in an Israeli bombing of a house belonging to the Al-Banna family in the al-Sabra neighborhood, south of Gaza City
Al Mayadeen's correspondent: An Israeli airstrike targets the vicinity of Al-Shifa Medical Complex, west of Gaza City
Al-Qassam: We will postpone the handover of the body of the Israeli captive we found, which was scheduled for today, due to the occupation's violations
Al Mayadeen's correspondent in Gaza: Israeli occupation aircraft launch airstrikes on the city of Rafah in the southern Gaza Strip
Netanyahu's office: At the end of the security consultations, the prime minister instructed the military to launch massive military strikes on the Gaza Strip immediately
President Aoun: We urge the activation of the monitoring committee, the cessation of hostilities, ongoing Israeli violations, attacks
Lebanese President Joseph Aoun to US Envoy Morgan Ortagus: Southerners must be enabled to return to their homes and rebuild

G7 announces price cap on Russian oil in support of EU price cap deal

  • By Al Mayadeen English
  • Source: Agencies
  • 4 Feb 2023 00:43
3 Min Read

The G7 claims the price cap is intended "to prevent Russia from profiting from its war of aggression against Ukraine".

  • x
  • Flags of the G7 Summit. Credit: US State Departments
    Flags of the G7 member states (US State Department)

The G7 and Australia announced on Friday that they have agreed to implement a price cap on Russian fuel shortly after the EU issued a similar announcement.

According to a statement issued by the alliance, they have agreed on two ceiling prices: the first is priced at $100 per barrel for more expensive fuel like diesel and the second at $45 on lower-quality commodities such as fuel oil.

The statement adds that the policy is intended "to prevent Russia from profiting from its war of aggression against Ukraine" and support stability in energy markets. 

Earlier today, EU member states agreed on price caps for Russian petroleum products ahead of an international embargo set to go into force over the weekend, Swedish officials said.

"EU ambassadors today approved the price caps on petroleum products ahead of final adoption by the European Council (representing EU member states)," Swedish officials tweeted in the name of their country's role holding the EU presidency.

The agreement aims to target Russia's key exports and is the latest part of international pressure to limit Russian President Vladimir Putin's reserve of funds for his war in Ukraine.

In December, the EU imposed an embargo on Russian crude oil coming in by sea and agreed with its G7 partners to impose a price cap on Russian oil at $60 per barrel.

Related News

G7 calls on Iran against uranium enrichment

UK living standards squeezed despite leading G7 growth

Read more: EU price cap on Russian oil creating chaos in maritime transport

The second round of sanctions on diesel, petrol, and heating fuel, arriving on ships by the EU is due to come into effect on February 5th.

The EU and the G7 group have agreed at the same time to impose a price cap on Russian shipments of those products to global markets.  

The price caps set a ceiling for the cost of fuel that can be transported on EU ships.  

The price cap agreed upon was an "important agreement as part of the continued response by EU and partners to the Russian war of aggression against Ukraine," the Swedish EU presidency said without providing details on the price cap levels for various petroleum products. EU officials were poised to brief the media on that later on Friday.

The 27-nation EU had been considering proposals from the European Commission to set a $100-per-barrel limit on more costly products, such as diesel, and $45 on the less expensive ones, like fuel oil.  

Diplomats said Poland and the Baltic states pushed for the price to be lowered to further curb Russia's income.

However, setting the levels is sensitive as the West does not want to cut off Russian supplies to world markets entirely and allow global prices to soar.

Read more: EU prepares 10th sanctions package against Russia

  • G7
  • Russia
  • Russian Gas
  • Ukraine
  • Price cap
  • European Union
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

Most Read

'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

  • Technology
  • 24 Oct 2025
Arab League chief exposes secret US deal shielding 'Israel’s' nukes

Arab League chief exposes secret US deal shielding 'Israel’s' nukes

  • Politics
  • 27 Oct 2025
Abu Hamza, the spokesperson for the Al-Quds Brigades, during a speech televised on October 22, 2025 (Al-Quds Brigades Military Media)

Al-Quds Brigades' Abu Hamza mourns leaders, vows continued resistance

  • Politics
  • 22 Oct 2025
US missionary kidnapped in Niger capital, suspected taken toward Mali

US missionary kidnapped in Niger capital, suspected taken toward Mali

  • Africa
  • 23 Oct 2025

Coverage

All
War on Gaza

Read Next

All
Members of the al-Qassam Brigades, the military wing of Hamas, and Egyptian workers search for the bodies of hostages in a tunnel discovered during searches in Hamad City, Khan Younis, in the southern Gaza Strip, on Tuesday, Oct. 28, 2025 (AP)
Politics

'Israel' obstructing Gaza body recovery, creating false claims: Hamas

Lebanese Prime Minister Nawwaf Salam talks to US Deputy Special Envoy to the Middle East Morgan Ortagus at the Grand Serail in Beirut, Lebanon, October 28, 2025 (NNA)
Politics

Salam conveys to Ortagus goals behind any possible negotiations

Writers boycott NYT, demand justice as Gaza media ban faces court
Politics

300+ writers boycott NYT Opinion, cite persistent anti-Palestine bias

Settlers attack West Bank olive harvesters, Injure 3 Palestinians
Politics

Settlers attack West Bank olive harvesters, injure 3 Palestinians

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS