The G7 is looking at all options to prevent Russia from profiteering from high energy prices, including blocking the transportation of Russian oil unless it was purchased at or below a set price, its foreign ministers said on Tuesday.
“In considering this and other options, we will also consider mitigation mechanisms alongside our restrictive measures to ensure the most vulnerable and impacted countries maintain access to energy markets including from Russia.” Member countries have scrambled to find ways to plug energy shortages and tackle soaring prices while sticking to their climate commitments, amid a standoff with Russia after the invasion of Ukraine.
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