Daily Management Review

Bloomberg: G7 countries will refuse to tighten Russian oil prices cap


02/21/2025


The G7 nations declined the proposal to tighten the price cap on Russian oil In the upcoming communiqué marking the third anniversary of the onset of the Russian military operation, writes Bloomberg referring to a draft document from February 19.



Mike Bitzenhofer
Mike Bitzenhofer
The agency reports that the initial version of the communiqué "was considerably toned down." The most recent version states that “reliable security assurances and Ukraine's accession to the EU will be essential for achieving a sustainable peace that deters future aggression.”

The document, specifically, no longer describes Russia's actions as “illegal.”

Moreover, the G7 nations retracted their request for their finance ministers to modify or set the Russian oil price cap to encourage Moscow to engage in negotiations. As per unidentified diplomats, the nations will keep discussing the communiqué, and additional alterations to the text are likely.

source: bloomberg.com