ECONOMY

Wed 15 Mar 2023 8:31 pm - Jerusalem Time

The Group of Seven is considering imposing a cap on the price of Russian gas

Berlin - (dpa) - Informed sources said that the leaders of the Group of Seven major industrialized countries are preparing to issue instructions to their ministers to study the possibility of imposing a ceiling on the purchase price of Russian natural gas.


Bloomberg news agency stated that this mandate is expected to be announced at the conclusion of the G7 summit in Germany, tomorrow, Tuesday, adding that this step comes as part of broader discussions on how to limit Russia's benefit from its energy exports. It is also expected to mention a mechanism to impose a ceiling on the price of Russian crude oil in the closing statement of the summit.


The G7 includes the United States, Britain, France, Germany, Italy, Canada and Japan


On a related note, the Russian oil tanker fleet returned to work at its normal rates before Russia's invasion of Ukraine in late February, as Russia found ways to circumvent Western sanctions and restrictions on maritime traffic.


Bloomberg news agency quoted data from data analysis company Kepler as saying that among about 50 Aframax oil tankers owned by the state-owned shipping company Sofcomflot, there are about 25 tankers loaded daily, which is commensurate with operating rates in 2021, and more than the low operating rate. Too much, which reached about 7 tankers last April.


Bloomberg news agency indicated that Russia's invasion of Ukraine prompted Western countries to impose several packages of sanctions aimed at reducing Russia's financial revenues so that it could not finance the war.


The increased operating rates of Sovcomflot's fleet is the latest evidence of Russia's success in adapting to economic sanctions.


And last May, the Russian shipping company Sovcom said, when it sold 14 ships in order to be able to pay off its debts, that it owned 110 tankers. These tankers range from small ships that transport oil products in various directions to giant ships that can carry up to more than two million barrels of crude.


The fleet of Aframax tankers is the largest in the world.

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The Group of Seven is considering imposing a cap on the price of Russian gas

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