The G7 tries to find a solution to the Russian oil puzzle
French President Emmanuel Macron walks out of a press conference during the G7 summit at Elmau Castle in Kruen, Germany, Tuesday, June 28, 2022. The Group of Seven major economic powers wrap up their annual gathering on Tuesday.
AP - Markus Schreiber
Text by: RFI Follow |
RFI
1 min
In their final press release, the seven major powers of the G7, meeting at Elmau Castle in Germany, announced that they wanted to cap Russian oil prices.
Objective: to limit Moscow's ability to finance the war in Ukraine.
But it's not for now.
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From our special correspondent in Kruen,
Anthony Lattier
Capping Russian oil prices: easier said than done, according to French head of state Emmanuel Macron: "
The difficulty is technical
: oil from Russia does not arrive through a single pipe, it is sold to different countries.
And so for this to work, you have to widen a buyer's alliance as much as possible, that these buyers agree, that you define a ceiling and that you make it effective.
»
Emmanuel Macron rallied to this idea defended by the American Joe Biden.
It is also a way for the French president to limit the drop in purchasing power and to get out of a downward spiral.
"
We are spending taxpayers' money to try to help the same taxpayer as a consumer to cope with the increase in prices that comes from outside, on oil and gas that we do not produce, and which is related to war.
Objectively, the best answer is to lower these purchase prices, at a time when there are people who are getting rich on our backs.
»
To limit the effects of the crisis on our fellow citizens without denying our climate objectives, we will coordinate between energy market buyers to lower producer prices and we will accelerate the decarbonization of our energy mix.
— Emmanuel Macron (@EmmanuelMacron) June 28, 2022
The G7 pledges to support Ukraine for as long as necessary.
"
Russia cannot and must not win
," French President Emmanuel Macron said.
In the meantime, it is now up to the experts to find a solution to make the Russian oil price cap a reality.
►
Read also: The G7 announces a $600 billion infrastructure program, particularly for Africa
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Economy
Oil
Ukraine
Russia
Germany
Emmanuel Macron