The seven leading democratic economic powers (G7) and Australia, together with the European Union, want to implement the planned upper price limit for oil from Russia.

The G7 announced on Saturday night that they, together with Australia and the EU, want to force Russia to sell oil below the market price to customers in other countries in the future. The agreement reached yesterday provides for an initial upper price limit of 60 US dollars per barrel. If possible, the price should apply from Monday. In addition to Germany, the G7 also includes the USA, Canada, France, Great Britain, Italy and Japan. Germany currently chairs the group.

The decision implements the promise made by the G7 heads of state and government at their summit at Schloss Elmau in Bavaria in June this year to “prevent Russia from profiting from its war of aggression against Ukraine,” it said. It was also intended to stabilize global energy markets and minimize negative effects on poorer countries, which suffered most from Kremlin chief Vladimir Putin’s war.