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
Iranian Foreign Ministry spokesperson: No new date or venue has been set for the meeting between Araghchi and Witkoff, and no negotiations will take place until the outcome is guaranteed
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted

G7 nations set to agree on Russian oil price cap

  • By Al Mayadeen English
  • Source: Reuters
  • 2 Sep 2022 15:38
2 Min Read

G7 nations are set to meet virtually on Friday and are expected to agree on a Russian oil price cap, however, Russia had previously noted that it will not comply.

  • x
  • G7 nations meeting in Germany on June 28, 2022 (Reuters)
    G7 nations meeting in Germany on June 28, 2022 (Reuters)

The finance ministers of the Group of Seven nations are expected to attain an agreement on Friday that will put a cap on the price for Russian oil they’re willing to pay, Reuters has reported, citing anonymous sources. The officials are expected to reveal the general outline of a plan following an online meeting.

According to a Reuters report, an anonymous G7 official said that “a deal is likely.” The source, nevertheless, noted that it was uncertain how many details will be communicated.

On Thursday, British Chancellor of the Exchequer Nadhim Zahawi voiced hope that G7 finance ministers will “have a statement that will mean that we can move forward at pace to deliver this,” while White House spokesperson Karine Jean-Pierre declined to comment not to “get ahead of that meeting.”

Russia's oil export volumes have decreased since the commencement of the Ukraine war, although income increased by $700 million in June compared to May, according to the International Energy Agency in August, due to higher global oil prices.

Related News

Zelensky presses EU to tighten oil price cap as sanctions talks stall

EU delays exit proposal from Russian energy amid geopolitical shifts

The price ceiling, which Western leaders agreed on in principle in June, would limit the number of money refiners and merchants could pay for Russian oil. The measure is intended to reduce the Kremlin's earnings while keeping Russian oil on the market in order to avert price upsurge.

Moscow has previously stated that it will not comply, instead exporting its crude to nations that are not subject to the quota.

Several unidentified G7 officials told Reuters that they doubted the ban would be successful if just the group's members - the United States, United Kingdom, Canada, France, Germany, Italy, and Japan - enforced it. They noted that in order for the measure to have a tangible impact on Russia's oil profits, the G7 would need the support of large oil consumers like China and India.

According to Reuters, such a situation is improbable. Furthermore, while about 95% of the world's tanker fleet now relies on London-brokered shipping insurance, the paper noted, citing unidentified analysts, that alternatives may be found.

Read more: G7 discuss banning services that enable the transport of Russian oil

  • Russian oil
  • Energy crisis
  • G7
  • Russia
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

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Major ambush in Gaza kills 6 Israeli troops, injures dozens

Major ambush in Gaza kills 5 Israeli troops, injures 14

  • Politics
  • 8 Jul 2025
Israeli soldiers are seen in Beit Hanoun ahead of an operation by the al-Qassam Brigades, undated (Al-Qassam Brigades Military Media)

'Israel' on blast as media exposes report discrepancies in Gaza ambush

  • Palestine
  • 8 Jul 2025
Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
The Freedom Flotilla ship Handala as it departs for Gaza, where it aims to break the maritime blockade at a port in Syracuse, Sicily in southern Italy on July 13, 2025. (AFP)
Palestine

Freedom Flotilla's Handala departs Sicily in bid to break Gaza siege

The container ship CMA CGM Laperouse, left, docks at the Georgia Ports Authority's Port of Savannah, Sept. 29, 2021, in Savannah, Ga (AP)
Politics

US shipbuilding woes deepen as tariffs, outdated policies backfire

Gaza war raises ethical questions for ex-Obama, Biden officials
Politics

Mercenary firm tied to Gaza war crimes hires Obama-Biden PR operatives

'Israel' targets children in Gaza collecting water
Palestine

'Israel' strikes Gaza kids fetching water, blames it on 'malfunction'

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