WASHINGTON (Pakistan Point News / Sputnik - 13th July, 2022) The modalities of the G7's plan to impose a price cap on Russian oil is being refined and the process will not be completed in days, US National Security Adviser Jake Sullivan said on Wednesday.
During the G7 meeting in Germany on June 28-30, the leaders of the seven most economically advanced countries issued a communique saying that the oil price cap scheme could be implemented through the options such as allowing Russian seaborne crude oil and petroleum products to be shipped worldwide only if they are purchased at or below an agreed price threshold.
"On the issue of the price cap, there are detailed discussions unfolding, particularly between the European Union and the United Kingdom and the United States," Sullivan said during a press gaggle aboard Air Force One enroute to Israel. "With respect to the modalities of this, the specifics of this, how this will work, that will continue to get refined, this is not a process that will be completed in days."
Sullivan said the proposed plan on a price cap on Russian oil will take time because of the number of elements that have to be worked through, but the United States has already been engaging with a number of key oil consuming countries, including China and India.
Sullivan declined to get into further details about the discussions on the plan because of the sensitivity of the matter.
In March, US President Joe Biden announced a ban on Russian oil, natural gas and coal imports, and the UK followed suit declaring a halt of imports of Russian oil and petroleum products starting early 2023.
The European Union has said it will block most Russian oil imports by the end of 2022.
