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  • By The Financial District

G7 Mulls Ban On Transport Of Russian Oil Bought Below Set Price

The G7 is considering further options to stop Russia from “profiting from its war of aggression and to curtail Russia's ability to wage war,” according to a statement from the forum's foreign ministers on Tuesday, August 2, 2022, Livvy Doherty reported for CNN.


Photo Insert: In a related development, President Volodymyr Zelensky spoke with NATO Secretary General Jens Stoltenberg from his office in Kyiv, Ukraine, on August 2.



Such options could include “a comprehensive prohibition of all services that enable transportation of Russian seaborne crude oil and petroleum products globally” unless the oil was purchased at or below a set price, the statement said.

The foreign ministers said Russia is using energy as “a tool of geopolitical coercion” and that they would work together to reduce G7 countries' demand on Russian energy while protecting the most vulnerable groups from the impacts of supply disruptions and rising prices.



In a related development, Vasco Cotovio and Maria Kostenko of CNN reported that Ukrainian President Volodymyr Zelensky spoke with NATO Secretary General Jens Stoltenberg from his office in Kyiv, Ukraine, on August 2.


“Good call w/Pres [Zelensky] on priorities for military support,” Stoltenberg tweeted on Tuesday. “It’s vital that #NATO & Allies provide even more assistance to #Ukraine even faster.” Zelensky’s office echoed Stoltenberg’s remarks, calling on Ukraine’s allies to send military support at a faster rate.



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