French Economy Minister Bruno Le Maire said the European Union needed to persuade some reluctant member states to act unanimously on plans to cap the price of Russian oil. It pointed out.
The Group of Seven (G7) nations on Thursday agreed to cap the price of Russian oil in a bid to limit Russia’s energy revenues.
G7 agrees to cap price on Russian oil
In an interview at the Ambrozetti Forum in Cernobbio, Italy, on Wednesday, Lemaire said that without the support of EU member states, enforcing the cap “will be difficult. Frankly, it will take time.” comment. “But we need to explain to all 27 member states that capping oil prices is necessary if we want to be consistent with sanctions policy,” he said.
Lemaire said sanctioned Russia should not benefit from oil and gas revenues.
Mr. Lemaire said there needs to be a broad consensus on curbing Russia’s energy revenues. He said non-G7 countries should support the price cap so that it would be seen as a “global initiative against the war in Ukraine” rather than “a Western initiative against Russia”.
Original title: EU Unanimity on Russia Price Cap a ‘Challenge’, Le Maire Says (excerpt)