Andthe initial level of price restrictions can be revised, the ministers agreed. The G7 countries intend to prohibit the provision of services to ships that will transport raw materials worth more than the price ceiling. The Kremlin previously called the measure absurd The finance ministers of the Group of Seven countries have agreed to introduce a ceiling on prices for Russian oil, according to Reuters and a Sky News correspondent. As Sky News correspondent Tamara Cohen clarified on Twitter, the ministers came to such an agreement at a virtual summit. According to the Chancellor of the British Treasury, Nadhim Zahavi, the measure includes a ban on insurance and financing of tankers carrying Russian oil at a price above the agreed price ceiling, the journalist reported. Reuters, with reference to the statement, writes that the initially chosen price limit, based on technical inputs, can be revised if necessary. The G7 states will also develop mitigation mechanisms that will allow vulnerable countries to gain access to energy resources, including Russian ones. They called on other countries to join the restrictions. “We are striving to coordinate the implementation with the schedule of relevant measures within the framework of the sixth package of EU sanctions,” the statement says. Video 
The press secretary of the President of Russia Dmitry Peskov earlier called the possible introduction of a price ceiling absurd. He recalled the words of Deputy Prime Minister Alexander Novak that “those countries that will join the potential “ceiling” will not be among the recipients of Russian oil”. Russia is calculating all options for the development of events, there are alternative scenarios for the development of the situation, he said. Peskov stressed that such a decision would lead to a significant destabilization of the oil markets.
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Earlier, the Financial Times, citing sources, reported that the finance ministers of the G7 countries intend to set a ceiling on oil prices from Russia, which will begin to operate from December 5 for crude oil and from February 5 for petroleum products. According to the newspaper’s interlocutors, the restriction will take effect simultaneously with the EU embargo on the import of Russian oil. Limiting the marginal prices for Russian oil and petroleum products will be effective if it is supported by third countries, for example, India, which buys Russian oil in large quantities, the newspaper’s interlocutors say.
On the eve of the fact that the G7 plans to impose restrictions on oil prices, The Wall Street Journal also reported, citing sources. According to US Deputy Treasury Secretary Wally Adeyemo, the Group of Seven expects to ensure that Russian oil continues to enter the market, but to reduce the revenues that Moscow receives from the sale of the resource.
US Treasury Secretary Janet Yellen said that the introduction of a price ceiling would not only reduce Russia’s revenues, which, according to the minister, are necessary for the continuation of hostilities in Ukraine, but also support reliable oil supplies to the world market and help in the fight against inflation. The head of the British Treasury said that this measure would be effective if India, Turkey, South Africa and Norway were involved in limiting oil prices.
The European Union agreed on a partial embargo on Russian oil in early June. Russian oil supplies to the EU by sea should stop from December 5. In addition, insurance and reinsurance of sea transportation of Russian oil and petroleum products to third countries will be prohibited.
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