| 17 April 2024, Wednesday |

Others may reject Japan proposal on oil price cap, Kremlin says

Russia must wait to see how plans to control the price of its oil exports are resolved, according to Dmitry Peskov, a spokesman for the Kremlin.

Peskov commented on rumors that Fumio Kishida, the prime minister of Japan, had suggested a cap at roughly half the present price, saying that other nations might disagree with that.

In his daily press conference call, Peskov said, “This statement… does not imply that other countries will agree to similar parameters.”

“So far, this is a single statement only, without any decisions taken.”

G7 leaders agreed last week to explore feasibility of introducing temporary import price caps on Russian fossil fuels, including oil.

They have asked ministers to evaluate the proposal urgently, in another attempt to limit Russian resources to finance its military campaign in Ukraine.

Moscow calls its actions in Ukraine a special military operation and warns that any steps to limit energy supplies would backfire on end-users as global oil prices will rise.

  • Reuters