The European Union, the Group of Seven and Sweden reached an settlement on setting a ceiling for Russian oil costs

The member states of the European Union, the Group of Seven industrialized nations and Australia stated on Friday that that they had reached an settlement on setting a worth cap for Russian petroleum merchandise.

The transfer is the most recent a part of a world push to cut back Russian President Vladimir Putin’s struggle chest for his assault on Ukraine by focusing on its key exports. Comply with our dwell weblog for the most recent developments.

On Friday, Legal professional Common Merrick Garland stated he had licensed the US to start utilizing seized Russian funds to assist Ukraine, based on US media.

The announcement got here throughout a gathering between Garland and Ukraine’s Legal professional Common Andriy Kostin in Washington, a few 12 months after Moscow invaded its former Soviet neighbour. “At present, I’m asserting that I’ve licensed the first-ever switch of seized Russian property to be used in Ukraine,” Garland stated, based on CNN.

He added that the cash would come from property confiscated from Russian oligarch Konstantin Malofeev after he was accused of sanctions evasion in April. CNN quoted Garland as saying the cash would go to the State Division “to help the Ukrainian folks.”

Kostin welcomed the transfer, which he stated would see $5.4 million of seized property diverted towards “rebuilding Ukraine”.

Glad to see new laws geared toward seizing the illicit property of Russian oligarchs in motion. The primary switch of seized property of $5.4 million to StateDept to rebuild Ukraine has been accepted. 1/3

– Andriy Kostin (@AndriyKostinUa) February 3, 2023 10:49 PM: The European Union, the G7, and Australia have reached an settlement on capping Russian gas costs. Hats off to Russian petroleum merchandise, in an effort to focus on Russian President Vladimir Putin’s major exports and restrict his assault on Ukraine.

The caps embrace two worth tiers, $100 a barrel for costlier fuels like diesel and $45 for lower-quality merchandise like gas oil, based on officers. Value caps for these transported merchandise work by capping the price of gas that may be carried on board ships.

The European Union in December imposed an embargo on Russian crude oil by sea and – together with its G7 companions – set a $60-per-barrel cap for worldwide exports. A second ban on Russian gas is because of take impact on or shortly after Sunday. It targets Russian refined petroleum merchandise resembling gasoline, diesel and heating gas that arrive on ships.

On the identical time, the European Union and the Group of Seven rich democracies additionally agreed to impose a worth cap on Russian shipments of these merchandise to world markets.

( Jowharwith AFP, The Related Press and Reuters)

© France Médias Monde graphic studio

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