G7 may put restrictions against oil imports | MENAFN.COM

Tuesday, 09 August 2022 11:13 GMT

G7 may put restrictions against oil imports

(MENAFN) The Group of Seven (G7) presidents are having “very constructive” meetings on a possible cap on the cost of Russian oil imports, Reuters announced before the group’s meeting which took place on Sunday, quoting a German administration official.

“We are on a good path to reach an agreement,” the official also noted.

US Treasury Secretary Janet Yellen suggested to put a restriction on Russian oil costs in order to lessen worldwide inflation and fuel cost increases in the West, in addition to decreasing Moscow’s oil revenue.

The US, Canada, and Britain have already restricted Russian oil, while the EU forced a ban against Russian oil imported by sea.


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