The finance ministers and heads of central banks of the G7 member states have announced that the G7 is planning to tighten oversight of compliance with the price cap on Russian oil and oil product supplies.

“The G7 confirmed that it will take measures to prevent any circumvention of sanctions against Russia,” the finance ministers and heads of central banks said, Caliber.Az reports via Russian media.

“We remain committed to limiting the Kremlin’s revenue sources, including further actions targeting income from energy resources and future mineral extraction opportunities, building on the measures we have implemented to date,” the joint statement says.

Previously, the EU, G7 countries, and Australia established a price cap on Russian oil at $60 per barrel.  

This cap was later adjusted to $100 and $45 per barrel depending on the type of oil products.  

Moreover, G7 member states announced plans to more aggressively curb the activity of financial organisations collaborating with Russia to circumvent sanctions.

By Naila Huseynova