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
Government Media Office in Gaza: So far, 7 bodies have been recovered, while two remain under the rubble, in a scene that epitomizes genocide.
Government Media Office in Gaza: 9 children from one family were killed in an Israeli massacre against the "Al-Najjar" family in Khan Yunis.
Gaza Government Media Office: Over 300 miscarriages have occurred among pregnant women due to the lack of essential nutrients.
Gaza Government Media Office: 26 kidney patients have lost their lives due to the absence of nutritional and medical care.
Gaza Government Media Office: 58 Palestinians have died due to malnutrition, and 242 due to lack of food and medicine.
Ranjbaran to Al Mayadeen: There is a difficult path full of challenges ahead for the indirect talks
Ranjbaran to Al Mayadeen: Defending the Resistance, the Palestinian cause, the Lebanese Resistance, and confronting Zionist crimes throughout the entire region are at the top of the Foreign Minister’s agenda
Ranjbaran to Al Mayadeen:Currently, both Tehran and Washington consider uranium enrichment a red line, but the Americans' red line exists only on paper, whereas our red line is inviolable under any circumstances, and the Americans fully understand this
Ranjbaran to Al Mayadeen: Iranian FM Abbas Araghchi will not back down in the face of US pressure or its media tactics aimed at influencing the other party. They know well that he is a seasoned diplomat who will not lose his way
Ranjbaran to Al Mayadeen: "Israel" has proven that it makes decisions on behalf of the Trump administration and is using all its capabilities to sabotage these talks

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

Iran rejects G7 accusations regarding its nuclear program: Baghaei

G7 warns Russia to accept Ukraine truce, urge permanent Gaza ceasefire

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

YAF say struck 'Israel's' Ben-Gurion Airport with missiles, drones

YAF say struck 'Israel's' Ben Gurion Airport with missiles, drones

  • MENA
  • 18 May 2025
Rachel Accurso criticized for speaking out on Gaza children crisis

Ms. Rachel accused of antisemitism for speaking out for Gaza children

  • Politics
  • 20 May 2025
Martyrs, injuries in violent Israeli bombardment of southern Gaza

Israeli operation fails; IOF launch violent strikes on Gaza

  • Politics
  • 19 May 2025
The spokesperson for the Yemeni Armed Forces, Brigadier General Yahya Saree, giving a statement on Friday, April 11, 2025 (Yemeni Military Media)

Yemeni Armed Forces declare Haifa Port under naval siege

  • Politics
  • 20 May 2025

Coverage

All
War on Gaza

Read Next

All
Eric Coquerel, a parliament member of the far-left La France Insoumise (The Unbowed) party attends a demonstration outside Sciences-Po university in Paris, Friday, April 26, 2024 (AP)
Politics

French teacher suspended for minute of silence in solidarity with Gaza

Palestinian landlord Akram Sabra, 60, stands next to a vehicle burnt under attack by Israeli settlers overnight, in the West Bank village of Bruqin, near Salfit Friday, May 23, 2025. (AP Photo/Nasser Nasser)
Politics

Israeli settlers torch homes, vehicles in West Bank village

Iranian Foreign Minister Abbas Araghchi, left, reads a paper in a meeting with his Omani counterpart Sayyid Badr Albusaidi at the Omani Embassy in Rome during the fifth round of Iran-US negotiations, Friday, May 23, 2025 (Iran Foreign Ministry)
Politics

Iran-US talks in Rome yield limited progress, Omani FM says

AP
Politics

EU sought ship, port, energy ties in nixed proposal to Trump: Report

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