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8:54 a.m .: With the EU, the G7 and Australia agree on the price cap for Russian petroleum products

The G7 powers and Australia on Friday, following an EU agreement earlier in the day, reached an agreement on a price cap on Russian petroleum products, two days before the start of a European embargo on these products. In a joint statement, the partner countries announced that they had reached an agreement “on a price cap for Russian petroleum products transported by ship”.

It must be implemented from Sunday “or very soon after”, specifies the text signed by the EU, Germany, Australia, the United Kingdom, Canada, France, Italy , Japan and the United States. This price cap must “prevent Russia from profiting” from the war in Ukraine and “support stability in world energy markets”, they further note.

The agreement was made possible by the consensus reached earlier in the day by the 27 countries of the European Union and announced on Twitter by Swedish officials on behalf of their country which holds the rotating presidency of the Union. According to them, it is an “important agreement which is part of the continued response of the European Union and its partners to the Russian war of aggression against Ukraine”.

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