G7 and Australia also announced ceiling price to be applied to Russian oil products

The G7 countries, consisting of the USA, Canada, Germany, England, France, Italy and Japan, and Australia made a joint statement on the ceiling price to be applied to Russian petroleum products.

In the statement, it was stated that an agreement was reached on maximum prices for Russian origin oil products transported by sea, and it was emphasized that the ceiling price policy aimed to prevent Russia from gaining from the war in Ukraine, to support stability in global energy markets and to minimize the negative economic effects of the war.

“Ceiling prices will be reviewed in March”

In the statement, it was stated that 2 price levels were determined for petroleum products, and a ceiling price of $ 100 per barrel for Russian diesel and kerosene, and $ 45 per barrel for cheaper liquid fuel and light-colored petroleum products was stated.

It was stated in the statement that the said price ceilings will come into effect on February 5, and that the ceiling prices will be reviewed in March.

In the statement, it was stated that the “Price Ceiling Coalition” made up of the G7 countries, the EU and Australia is ready to review and adjust the maximum price appropriately.

“We are forcing Putin to choose between financing his brutal war or supporting his struggling economy.”

On the other hand, US Treasury Secretary Janet Yellen said in a written statement on the subject that the agreement on the ceiling price helped stabilize the global energy markets while helping Russia’s goals of limiting its revenues.

“Combined with our historic sanctions, we are forcing Putin to choose between funding his brutal war or supporting his struggling economy,” Yellen said.

Pointing out that the supply in global energy markets is also in good condition, Yellen said that public reports show that crude oil importers use the price ceiling to steer harsh negotiations on Russian oil imports.

G7 member states, the EU and Australia agreed in December last year to apply a ceiling price of $60 per barrel to oil transported by sea from Russia.