G7 finance ministers
- We continue to explore further measures to prevent Russia from profiting from its war of aggression
- Looking at a comprehensive prohibition of all services that enable transporation of Russian seaborne oil and petroleum products globally, unless purchased at or below a price to be agreed in consultation with international partners
- We will consider mitigation to make sure vulnerable countries can maintain access to energy markets
If this policy goes into place, it will inevitably take Russian oil off the market just after SPR releases end in October.
This quote from Yellen continues to frighten me:
"Russia's going to face an insurance and financial services ban at the end of the year that is going to end up shutting in between 3 and 5 million barrels, we estimate," she said. "So why should they retaliate for an initiative that enables their oil to continue to flow through to world markets at a price that is still profitable?"
