Price cap on Russian oil to be about half of current price: Japan PM

Jul 04, 2022 | News On Japan

Jul 04, 2022 (Kyodo) - The price cap to be imposed on Russian oil to punish Moscow for its invasion of Ukraine is expected to be around half the current purchase price, Japanese Prime Minister Fumio Kishida said Sunday.

Referring to a joint communique released after a summit of the Group of Seven developed nations late last month, Kishida said during a stump speech in Tokyo that a mechanism would be designed so that Russian oil "will not and cannot be bought at a higher price" than the cap.

The communique said an oil price cap scheme could include options such as enabling transportation of Russian seaborne crude oil and petroleum products globally only if the oil is purchased at or below a specified price.

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