G7 countries confirm commitment to phasing out Russian oil on their markets – statement

17:49, 02.09.2022 1 min read

The G7 countries have reaffirmed their dedication to ending use of Russian oil on their markets, but have no intention to create barriers to other parties purchasing Russian oil at or below a price cap, the G7 said in a statement circulated on Friday.

"We reaffirm our own measures to phase out Russian oil and products from our domestic markets and underscore that the price cap measure aims to relieve pressure on global oil prices and support oil-importing countries globally," the statement said.

The G7 countries are ready to support oil importers "by enabling continued access to Russian oil at or below the price cap," it said.