G7 finance ministers agreed on Sept. 2 to impose a price cap on Russian oil aimed at slashing the country's revenue while avoiding price spikes, but Russia said it would stop selling oil to countries implementing the policy.
Ministers from G7 confirmed their commitment to the plan after a virtual meeting. However, they said key details, including the level of the price cap per barrel, would be determined at a later date "based on a range of technical inputs" to be agreed upon by the coalition of nations implementing it.
Western-dominated maritime transport, including insurance and financial services, would be permitted only if the purchase price of Russian oil cargoes is at or below a price level "determined by a broad coalition of countries adhering to and implementing the price cap."
"Today we confirm our joint political intention to finalize and implement a comprehensive prohibition of services which enable maritime transportation of Russian-origin crude oil and petroleum products globally," the G7 ministers said.
Responding to the G7 statement, Russia said it would stop selling oil to countries that imposed price caps, saying the caps would destabilize the global oil market.