G7 Price Cap on Russian Oil Doomed to Fail

The Stephen Lendman Blog

On Friday, US-dominated G7 finance ministers announced the following:

“We confirm our joint political intention to finalize and implement a comprehensive prohibition of services which enable maritime transportation of Russian-origin crude oil and petroleum products globally.”

“The provision of such services would only be allowed if the oil and petroleum products are purchased at or below a (capped) price determined by the broad coalition of countries adhering to and implementing the price cap.”

By customary US pressure, bullying, threats and bribes doomed to fail, G7 ministers “invite all countries to provide input on the price capґs design and to implement this important measure (sic).”

“We seek to establish a broad coalition to maximize effectiveness and urge all countries that still seek to import Russian oil and petroleum products to commit to doing so only at prices at or below the price cap (sic).”

“We reaffirm our own measures to phase…

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