Japan announced a mechanism to halve the price of Russian oil

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Japanese Prime Minister Kishida: the G7 mechanism will halve the price of Russian oil ://s0.rbk.ru/v6_top_pics/media/img/4/48/756568372926484.jpg” alt=”Japan announced a mechanism to halve the price of Russian oil” />

Fumio Kishida

Restriction mechanism prices for Russian oil, which was discussed at the recent G7 summit, will halve them, said Japanese Prime Minister Fumio Kishida, Kyodo reports.

“We will set the upper threshold at about half the current price and create a mechanism to thanks to which you won’t be able to buy more expensive, & mdash; he explained.

The G7 countries, in a communiqué following the summit, which took place on June 26 & 28 in Germany, agreed to look for ways to limit the transportation of Russian oil if it is sold at a price above the limit, which “will be agreed upon after consultations with international partners.” Bloomberg wrote that in the “Seven” are discussing capping prices through a ceiling on insurance and oil transportation.

The head of the European Council, Charles Michel, said that EU countries would be ready to join such a decision when they were convinced that it would negatively affect Russia, not on themselves.

Analysts at JPMorgan Chase suggested that Russia might cut production in response to price caps “to hurt the West.” If Moscow produces 3 million barrels. there is less oil per day, oil will rise in price to $190 per barrel. If production is reduced by 5 million barrels. per day, the price will rise to $380, while the Russian economy will not suffer significantly, experts say.

After the start of the Russian special operation in Ukraine, the United States banned the import of oil from Russia. In June, the European Union, as part of the sixth package of sanctions, imposed restrictions on the import of Russian oil by sea. Against this background, oil prices rose, and Russia redirected supplies to Asia. Finance Minister Anton Siluanov said that the oil embargo and the EU's planned renunciation of Russian gas will not lead to a sharp decrease in budget revenues from hydrocarbon exports.

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