OREANDA-NEWS The leaders of the G7 countries agreed to explore the possibility of introducing a complete ban on services for the transportation of crude oil and petroleum products from Russia until they are sold at a price agreed by the international community. This happened during the summit in Bavaria.

"With regard to oil, we will consider a number of measures, including options for a possible comprehensive ban on all services that allow the sea transportation of Russian crude oil and the transportation of petroleum products around the world, until oil is purchased at or below the price agreed in consultations with international partners", representatives of the G7 countries said in a joint communiqué.

At the same time, the document emphasizes that in the process of exploring such an option, the G7 countries will also consider mechanisms that could help mitigate the impact of restrictions. Thus, G7 wants to ensure that "the most vulnerable and affected countries retain access to energy markets, including the Russian one".

In addition, the G7 reiterated their commitment to a phase-out of Russian energy resources. The G7 announced its intention to look for ways to reduce Russia's hydrocarbon revenues, "maintaining stability in the global energy market and minimizing negative economic consequences, especially for countries with middle and low incomes".