Iran: No success in imposing G7 cap on Russian energy prices
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Iranian Deputy Oil Minister says that imposing a price cap on Russian energy prices harms the energy security of the G7 countries, adding that such a step will not succeed.
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Iranian Deputy Oil Minister Ahmad Assadzadeh.
Iranian Deputy Oil Minister Ahmad Assadzadeh emphasized on Friday that the Group of Seven countries' energy security will suffer if they set a price ceiling on Russian energy prices.
He stressed that the age of unilateralism and imperialism has passed, and such steps will not succeed, adding that Iran was under US sanctions for 40 years and they were beneficial to them.
At the beginning of September, the finance ministers of the Group of Seven countries confirmed their intention to impose a ceiling on the price of Russian oil.
The price ceiling will go into force on December 5 for crude oil and February 5 for Russian refined goods. Following the G7 decision, the European Commission has already stated that it will take steps to put a price ceiling on Russia's oil by December.
On September 1, Russian Deputy Prime Minister Alexander Novak called the concept of a price restriction on Russian oil "absurd," and warned that Moscow would not deliver oil or oil products to countries who supported the plan.
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.
