The countries of the Group of Seven (G7) are considering the possibility of introducing a complete ban on oil transportation services from the Russian Federation if its cost is not agreed upon by "international partners".
"While we are gradually phasing out Russian energy in our domestic markets, we will look for solutions that will reduce Russian hydrocarbon revenues and maintain stability in global energy markets, and minimize the negative economic impact, especially for low- or middle-income countries," said in a statement released by the British Foreign Office.
It also states that the G7 countries, together with restrictive measures, intend to guarantee access to energy resources from the Russian Federation to the “most vulnerable” states from an energy point of view.
“We remain committed to considering a range of approaches, including options for a full ban on all services that allow to transport Russian oil delivered by sea and oil products at the global level, only if the oil is not purchased at a price agreed upon in consultation with international partners or below it," the communiqué said.
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