WASHINGTON DC: White House Spokesperson Karine Pierre stated that US is supporting G7 to put a cap on price of oil in order to stop Russia from making billions of dollars every each month.
Karine stated that “the price cap will be successful and it will reduce reliance on Russian oil.” Karine also gave credited to President Biden for starting the initiative to encourage G7 member nations to place a cap on oil. Group of Seven (G7) finance ministers were due to meet virtually on Friday and were expected to firm up plans to impose a price cap on Russian oil purchases with the aim of reducing the revenues flowing to Moscow.
The European Union earlier this year imposed a partial ban on Russian oil purchases, which Brussels says will halt 90% of Russia’s exports to the 27-member bloc when it fully comes into force.
On the other hand the Kremlin said on Friday that Russia would stop selling oil to countries that impose price caps on Russia’s energy resources – caps that Moscow said would lead to significant destabilization of the global oil market. President Biden is criticized by many countries for not stopping India from purchasing oil from Russia and according to reports India has purchased more oil from Russia than China. In the back drop of all this; India has also decided to conduct military exercises with Russia.