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Statement by Gentiloni following the G7 agreement

European Commissioner Paolo Gentiloni made a statement following the G7 agreement on a price cap on Russian oil exports.

EU Commissioner for Economy Paolo Gentiloni
Photo Credit: European Commission / European Union

"This afternoon I participated in a call of G7 finance ministers to endorse a price cap for Russian oil exports via maritime transport. Our announcement is a major step towards two goals: denying Russia revenues to fund Putin's brutal war against Ukraine and putting downward pressure on global energy prices.

The agreement builds on and further strengthens the EU's sixth sanctions package. It broadens the agreed ban to the entire G7, while enabling the continued sale of Russian oil on global markets – at low prices. The G7 will now work to establish a broad global coalition to finalise the design and level of the price cap and to implement it jointly, to maximise its effectiveness. The Commission will play its full part in working to achieve unanimity among our 27 Member States in order to implement this measure in the EU. Our aim is to do so in line with the timeline agreed under the EU's sixth sanctions package – meaning 5 December 2022 for crude oil and 5 February 2023 for petroleum products.

Putin is seeking to subjugate an independent nation through brutal military aggression and to cause insecurity in Europe and around the world by weaponising Russia's energy exports. Today the international community of democracies has again shown its unity and determination that he will not succeed."

Source: European Commission Press Corner


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