G7 discussions with China, India on Russian oil price cap positive - Source - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

2022/06/29 06:22:00

Group of Seven democracies have had positive and productive discussions with China and India about a plan to cap the price of Russian oil, a source familiar with the G7 discussions said on Tuesday.

Group of Seven democracies have had positive and productive discussions with China and India about a plan to cap the price of Russian oil, a source familiar with the G7 discussions said on Tuesday.

Group of Seven democracies have had positive and productive discussions with China and India about a plan to cap the price of Russian oil, a source familiar with the G7 discussions said on Tuesday, adding the two major oil consumers would have incentives to comply.

The source, speaking on condition of anonymity, said the price-per-barrel cap level had not yet been determined, but it would have to be high enough to give Russia an incentive to keep producing oil.KYIV - A Russian missile strike on a crowded mall in central Ukraine killed at least 16 people Monday in what Group of Seven leaders branded "a war crime" at a meeting in Germany where they looked to step up sanctions on Moscow.27 June 2022 - 07:45 Florence Tan Picture: REUTERS/NICK OXFORD Singapore — Oil prices extended gains on Monday as investors stood on guard for any moves against Russian oil and gas exports that might come out of a meeting of leaders of the Group of Seven (G7) nations meeting in Germany.Win This handout picture taken and released by the Ukraine’s State Emergency Service on June 28, 2022 shows rescuers working in the wreckages of a mall in Kremenchuk, the day after it was hit by a Russian missile strike according to Ukrainian authorities.

Russian crude has been selling at heavy discounts of $30 to $40 per barrel compared to benchmark Brent crude prices of $110 to $120 per barrel due to Western sanctions on Moscow over its invasion of Ukraine.G7 leaders on Tuesday agreed to explore imposing a ban on transporting Russian oil that has been sold above a certain price in an effort to reduce Moscow’s revenues and deplete its war chest." Ukraine accused Russia of deliberately targeting civilians, with President Volodymyr Zelensky calling it "one of the most brazen terrorist acts in European history" in his evening broadcast posted on Telegram.With the European Union preparing to impose a phased embargo on Russian oil later this year, US Treasury Secretary Janet Yellen has advocated the cap as a way to cut Russia’s oil revenues while keeping supplies on the market and avoiding another major price spike that could prompt a recession.But, for now, the pressing supply worries outweigh growing concerns over the potential for a global recession following a string of downbeat US economic data.The source said G7 governments were still determining which services for oil transport could be withdrawn for cargoes above the price cap and were considering direct bans of shipping services, insurance, trade finance, brokering of cargoes and other services.Emergency services chief Sergiy Kruk said early Tuesday the death toll had risen to 16, with 59 wounded.Western sanctions still allow many countries to buy Russian crude, and India and China have increased their purchases at steep discounts.

The source said the two countries would be able to buy Russian crude at even lower prices under the plan, calling it an attractive pitch to Beijing and New Delhi."The work will go on around the clock," Kruk said on Telegram.34 a barrel by 5.If Russia were simply to refuse to sell its crude at the capped price, it would have few options to sell it at higher prices, given the limited number of ships that would be available for subverting the sanctions that are outside of London-based insurance and financing markets, the source said.With limited storage capacity, Russia would then have to significantly shut down production, reducing its cash flow and causing further damage to its energy sector, the source added.And a strike in Kharkiv killed four people and wounded 19 others, including four children, said Oleg Synegubov, head of Kharkiv's regional administration..US West Texas Intermediate crude was at $107.

Read more:
SABC News »
Loading news...
Failed to load news.

G7 denounces 'war crime' as Russian strike kills shoppersThe leaders vowed that Russian President Vladimir Putin and those responsible would be held to account for the strike in the city of Kremenchuk, carried out during the shopping mall's busiest hours. It is very well documented that Ukraine uses its citizens as cannon fodder for propaganda. These US-UK-NATO and ApartheidIsrael war criminals have strike malls,residential apartments,airports,schools even churches from Afghanistan to Libya but who denounced or called them to order instead they are jailing journalists who exposed their crimes FreeAssange I hate putin

Oil keeps rising before G7 talks on Russian exportsThe pressing supply worries outweigh fears over the potential for a global recession

G7 condemns Russian strike on Kremenchuk shopping mall as 'war crime'G7 condemns Russian strike on Kremenchuk shopping mall as 'war crime' Group of seven (G7) leaders have branded the Russian air strike that hit shoppers at Kremenchuk shopping mall as a 'war crime'

G7: China must press Russia to stop Ukraine war | News24G7 leaders urged China to use its influence with Russia to stop its invasion of Ukraine and drop 'expansive maritime claims' in the South China Sea, in unprecedentedly tough criticism of Beijing's policies and human rights record. They r used to dishing out instructions even though no one cares what they think anymore. They r responsible for what is happening there, and now they dont know how to stop it. Their only option id to tell Zelensky to guarantee no one will attack those who wish to be independent Taking care of my debts and giving my family the best financially is what I have long waited for, Brandonkaren11 thank you for helping me gain financial success. through your Bitcoin mining platform

G7 pledges to raise $600bn to counter China’s Belt and Road projectG7 leaders relaunched the newly renamed Partnership for Global Infrastructure and Investment at their annual gathering in southern Germany

Africa put forward convincing case on climate change, energy, health at G7 summit: RamaphosaPresident Cyril Ramaophosa says the time for Africa to become self-reliant has come. Weeeeeee His government will FAIL because of his Anti Israel rhetoric Your MYANC chomies fucked up everything. How do you think we will become self-relient.?