During the G7 meeting in Germany June 28-30, the leaders of the seven most economically advanced states issued a communique saying that the oil price cap scheme could be implemented through the options such as allowing Russian seaborne crude oil and petroleum products to be shipped worldwide only if they are purchased at or below an agreed price threshold.
"The G7 decided to agree that we will look into potential mechanisms for an oil price cap. This will go for a global approach that we have an alliance of many countries that will be willing to put an oil price cap on Russian oil and we have leverage to convince others that do not want to join the alliance to make sure they don’t circumvent this potential oil price cap. I am mentioning that because it might be also be a good platform that we have then established if we would need under special circumstances also to look into a gas price cap," Von der Leyen said at presentation of the Czech EU Presidency program activities.
During the summit, the G7 leaders also reaffirmed their commitment to curb their countries' dependence on Russian energy, including through phasing out or banning the import of Russian oil and coal. At the same time, G7 encouraged oil producing countries to scale up their production to defuse tension in energy markets and mitigate impact on most vulnerable and impacted countries.
The EU member countries sanctioned Russia after it launched a military operation in Ukraine in February. The European Union has since imposed six packages of sanctions hitting Russia's banking, finances and media, government officials, and lawmakers, as well as oil supplied by sea. Several European leaders have called on Brussels to include a ban on Russian gas in the future seventh package.