No Russian oil, gas in Europe if bloc imposes price cap

1. There will be ‘no Russian gas in Europe’ if the continent-wide bloc imposes a price cap on this commodity, Deputy Head of the Russian Security Council Dmitry Medvedev said on Friday.Show more

He was commenting on a call of the head of the European Commission Ursula von der Leyen to introduce a ceiling on prices for Russian pipeline gas."It will be like with oil. There will simply be no Russian gas in Europe," Medvedev warned.

On Friday, September 2, the G7 finance ministers announced their intention to impose a price cap on Russian oil.Earlier this year, the DPA agency reported that G7 leaders were looking into setting a price cap on Russian oil, as well as on gas.

The measure is set to limit Russia’s export revenues as global energy prices continue to skyrocket.
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2. The West’s biggest economies on Friday agreed to impose a price cap on Russian oil in an attempt to reduce Moscow’s ability to fund its war in Ukraine without further stoking global inflation.

Finance ministers from the G7 group of countries — the United States, Japan, Canada, Germany, France, Italy and the United Kingdom — said they would ban the provision of “services which enable maritime transportation of Russian-origin crude oil and petroleum products globally” above the price cap.

That could block insurance cover or finance for oil shipments.The maximum price would be set by “a broad coalition” of countries, they said in a joint statement. It would take effect alongside the European Union’s next batch of sanctions, which include a ban on seaborne imports of Russian oil starting in December.

Russia had already threatened to retaliate by banning oil exports to countries that implement a price cap.“We will simply not supply oil and petroleum products to such companies or states that impose restrictions, as we will not work non-competitively,” Deputy Prime Minister Alexander Novak told reporters Thursday, according to state news agency TASS.
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3. VIDEO: The Russian government reiterates that it will not send oil to the countries that adhere to the initiative to establish a cap on oil market prices.[teleSUR]
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