(MENAFN) Russian Prime Minister Fumio Kishida claims that the cost ceiling on Russian oil that has been suggested by the Group of Seven is going to compel Moscow to sell petroleum for around half of what it already pays for it.

According to Kishida, during a stump speech in Tokyo on Sunday, the process has been set up to ensure that Russian oil " will not and cannot be bought at a higher price.

He made reference to a unified declaration issued following the G7 conference in late June. Back then, group associates stated that unless the gasoline had been acquired at or below a specific cost, the transport of Russian crude and petroleum products may be stopped.

Oil cost restrictions are one of a record-breaking number of sanctions the West has put on Russia as a result of its military campaign in the neighboring Ukraine. Russian oil's inability to access international markets could significantly lower the nation's export earnings.

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