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Kishida: G7 Seeks to Halve Value of Russian Oil

Sun 03 Jul 2022 | 07:00 PM
Israa Farhan

Japan's Prime Minister Fumio Kishida said he expects to set the price ceiling for Russian oil at half its current value.

Kishida pointed out that the G7 industrialized countries are working to establish a mechanism to prevent the purchase of Russian oil at a cost higher than the specified level.

The prime minister mentioned that the world has collided with a situation in which the foundation of the existing system is collapsing so it is necessary to emphasize that any practice of violence will have a heavy price, according to RT.

The reduction in the oil price is expected to give further strength to the current sanctions imposed on Russia, as the country is believed to benefit from higher energy prices caused by supply concerns due to the war.

“We are facing a grave situation in which the order of peace is being shaken,” Kishida said in the speech for the Upper House election to be held on July 10. “We must show that aggression comes with a heavy price.”

It is noteworthy that the leaders of the G7 countries (Britain, Germany, Italy, Canada, the US, France, and Japan) confirmed at their summit on June 26-28 their determination to reduce independence on energy resources from Russia, and agreed to start reducing Russian oil and gas prices.