China News Service, February 4th, a comprehensive report. On the 3rd local time, EU member states, the Group of Seven (G7) and Australia issued a statement stating that they had reached an agreement on the price ceiling of Russian oil products, setting them at US$100 per barrel and US$100 per barrel respectively. $45 price cap.

  In a statement, the G7 and the EU said in a statement that in order to limit Russia's income, two price caps were set for Russian oil products, with prices capped at $100 a barrel for more expensive fuels such as diesel and lower-quality products such as fuel oil. No more than $45 per barrel.

  Sweden, which holds the EU's rotating presidency, called it an important deal "part of the EU's and its partners' ongoing response to the crisis in Ukraine."

  U.S. Treasury Secretary Janet Yellen said the EU, G7 and Australia's agreement on price caps for Russian oil products on Wednesday "will play a key role in our global coalition efforts to weaken Russia's push into the (Ukraine) crisis." Ability."

  It is reported that this second restriction on Russian oil products will take effect on or shortly after February 5. The target products are Russian refined oil products exported by sea, such as gasoline, diesel or heating fuel.

  Regarding Western countries' sanctions against Russian oil products, Russian President's Press Secretary Peskov said on February 3 local time that Western sanctions against Russia will further disrupt the international energy market, and Russia will also take corresponding countermeasures.

  Previously, the EU had imposed an embargo on Russian crude oil imported by sea on December 5, 2022, and together with its G7 partners, set a price ceiling of US$60 per barrel for global crude oil exports.

If the price of oil exceeds the threshold of US$60 per barrel, services such as transportation insurance and finance will no longer be provided.

  In this regard, Russia stated that starting from February 1, 2023, it will not supply oil and oil products to countries that impose price limits on Russian oil.

Proposals such as restricting oil imports from Russia and imposing price caps on Russian oil can only lead to a spike in oil prices like natural gas prices.