The G-7 plans to impose a cap on Russian oil prices. China and India should join in, EU's energy chief Kadri Simson said.
BALI, Indonesia — The European Union on Saturday urged China and India to join the G-7 initiative to apply a cap on Russian oil prices, saying it is unfair for countries to pay excess revenues to Moscow amid the Kremlin's war in Ukraine.The policy is designed to reduce the profits that Russia makes from selling oil and acts as another punitive measure against the Kremlin over its onslaught in Ukraine.
When asked whether the EU expects China and India to help with the proposed price cap, Europe's Energy Commissioner Kadri Simson said: "I think that they should." The U.S. said last week that it had constructive talks with India on the matter, according to Reuters, while China reportedly said in July that a price cap was a "very complicated issue."The price cap is expected to be ready before early December when EU sanctions on seaborne imports of Russian crude kick in. But market players are still waiting for further details on the exact level of the cap.
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