Expensive cars are considered as collectable, and so is the case with exotic number plates as well. Earlier, we have come across stories from Dubai of car owners buying number plates worth 10 times their car’s sticker price. Well, an auction of VIP numbers was recently conducted in the city of gold, where a man bought the ‘P 7’ registration plate for 55 million dirhams, which equals to Rs 122.5 crore. The incident took place at the ‘Most Noble Numbers’ auction, where the P 7 registration plate broke the previous Guinness Book of World Records entry of the most expensive number plate of Rs 132 Crore, which was bought buy a Bugatti owner for "F 1" plates.

Dubai man buys world's costliest 'P 7' number plate for Rs 122.6 crore

Japan will preside over a Group of Seven (G7) finance leaders' conference on April 12 in Washington to discuss the underlying global economy, global supply networks, inflation, and the Ukraine issue, according to Finance Minister Shunichi Suzuki on Tuesday. Suzuki will visit Washington to host the G7 finance leaders' conference with the annual meetings of the IMF and World Bank. Britain, Canada, France, Germany, Italy, the United States, and Japan are members of the G7.

Japan finance minister Shunichi Suzuki to host G7 meet in Washington

According to a report by the Japan-based publication, Nikkei Asia, the United States is pushing the members of the Group of Seven countries to take joint action against China if it engages in economic coercion against the group’s partners. The G7 countries are Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States along with the European Union.

The report also said that the US government and Congress have disclosed retaliatory measures against Beijing in advance which include raising tariffs. This move is seen as Washington’s bid to discourage Beijing from economically bullying other countries. According to the report, the US has already called for action in working-level talks with G7 nations and asked for it to be on the agenda for this year’s G7 meetings.&nbsp;

The details of what these actions would entail will be discussed with Japan which is also the G7 chair this year ahead of the group’s leaders’ summit scheduled for May. The US has also sought the support of Japan and European partners on the matter, said the report.&nbsp;

This also comes after Congress, in February, also reportedly introduced a bipartisan bill which would grant the president the power to take multiple countermeasures against Chinese economic coercion. In line with this, along with tariffs on Beijing, Washington would also offer support to the countries affected, as per the Japan-based media outlet.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/us-calls-for-joint-g7-action-against-chinas-economic-bullying-578215">US calls for joint G7 action against China's economic bullying</a>

It also said how under one of the proposals the US would decrease the duties from the affected country and boost shipments and offset the impact of Chinese bullying. The report also suggests that recently Beijing has used its economic power as leverage to steer foreign relations.&nbsp;

The example given by the Japan-based media outlet was of China increasing tariffs on Australian imports such as coal, wine and barley after Canberra pushed for an independent inquiry into the origins of COVID-19. Similarly, China also imposed restrictions on imports from Lithuania from European nations to strengthen their ties with Taiwan.&nbsp;

The report, citing analysts, also noted that China is breaking World Trade Organisation rules by applying such economic pressure on other countries. Therefore, the US reportedly views the joint action as more effective than a unilateral approach as many countries are heavily dependent on China, economically.&nbsp;

According to the report, Washington also believes that the framework it is working on will help countries cover each other's losses from trade in an emergency and would help reduce the toll they would suffer in the Chinese market. However, one major hurdle would be Germany and Japan’s deep economic ties with China which would pose a challenge to the US’ bid to draw up unified rules.&nbsp; 
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According to a report by the Japan-based publication, Nikkei Asia, the United States is pushing the members of the Group of Seven countries to take joint action against China if it engages in economic coercion against the group’s partners.

According to a report by the Japan-based publication, Nikkei Asia, the United States is pushing the members of the Group of Seven countries to take joint action against China if it engages in economic coercion against the group’s partners. The G7 countries are Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States along with the European Union. The report also said that the US government and Congress have disclosed retaliatory measures against Beijing in advance which include raising tariffs. This move is seen as Washington’s bid to discourage Beijing from economically bullying other countries. According to the report, the US has already called for action in working-level talks with G7 nations and asked for it to be on the agenda for this year’s G7 meetings. The details of what these actions would entail will be discussed with Japan which is also the G7 chair this year ahead of the group’s leaders’ summit scheduled for May. The US has also sought the support of Japan and European partners on the matter, said the report. This also comes after Congress, in February, also reportedly introduced a bipartisan bill which would grant the president the power to take multiple countermeasures against Chinese economic coercion. In line with this, along with tariffs on Beijing, Washington would also offer support to the countries affected, as per the Japan-based media outlet. ALSO WATCH | US calls for joint G7 action against China's economic bullying It also said how under one of the proposals the US would decrease the duties from the affected country and boost shipments and offset the impact of Chinese bullying. The report also suggests that recently Beijing has used its economic power as leverage to steer foreign relations. The example given by the Japan-based media outlet was of China increasing tariffs on Australian imports such as coal, wine and barley after Canberra pushed for an independent inquiry into the origins of COVID-19. Similarly, China also imposed restrictions on imports from Lithuania from European nations to strengthen their ties with Taiwan. The report, citing analysts, also noted that China is breaking World Trade Organisation rules by applying such economic pressure on other countries. Therefore, the US reportedly views the joint action as more effective than a unilateral approach as many countries are heavily dependent on China, economically. According to the report, Washington also believes that the framework it is working on will help countries cover each other's losses from trade in an emergency and would help reduce the toll they would suffer in the Chinese market. However, one major hurdle would be Germany and Japan’s deep economic ties with China which would pose a challenge to the US’ bid to draw up unified rules. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

US calls for G7 joint response to prevent China’s economic bullying of other countries: Report

The US is pushing Group of Seven countries to take joint action against China if Beijing engages in economic coercion against the group's partners.

US calls for joint G7 action against China's economic bullying

Japan will be hosting a summit of G7 leaders in May. Will it be all about bashing Putin? Will Western allies use the G7 podium for condemning Russia only? Molly Gambhir reports.

Gravitas: Will G7 become a platform for bashing Russia?

The Japanese government is considering exporting weapons to countries that are under invasion such as Ukraine, in a move which is expected to enhance Japan's credibility in the global security arena.

The Japanese government is considering exporting weapons to countries that are under invasion such as Ukraine, in a move which is expected to enhance Japan's credibility in the global security arena. The government would also consider exporting weapons to countries that cooperate with Japan on security. According to a report by Nikkie on Friday (March 10), the government has floated the idea of expanding the number of countries that are eligible for arms exports. The current rules say that Japan can only transfer warplanes, armoured vehicles and missiles to countries which jointly develop and produce the hardware. ALSO READ | Explained: As the war in Ukraine rages on, will 2023 be the year of defence companies? Last week, Prime Minister Fumio Kishida called on lawmakers to amend the export rules. Kishida said that expanding military exports would become a key policy tool for assisting countries which suffered aggression in violation of international law, according to the report. Japan's push to amend export rules comes ahead of the country hosting the G-7 summit in Hiroshima in May. Japan's support to Ukraine Several countries have militarily aided Ukraine since the beginning of the Russian offensive on February 24 last year. Japan also offered help to Ukraine. But Tokyo has only sent bulletproof vests, helmets, and medical kits due to Tokyo's pacifist laws forbidding sending weapons to the war-torn country. This has raised concerns about Japan being in a poor position to lead diplomatic discussions, the report said, adding, that Prime Minister Kishida is the only G-7 leader who is yet to visit Ukraine. During the Gulf war in the early 1990s, Japan contributed $13 to the United States-led coalition. However, it did not dispatch the self-defence forces personnel, opening the government to criticism. A debate about weapons exports expected soon Masahisa Sato, a lawmaker of the ruling Liberal Democratic Party (LDP), suggested sending multiple rocket launch systems to war-torn Ukraine. As Prime Minister Kishida has repeatedly warned about East Asia becoming the next Ukraine, Sato said that in the event of a Taiwan contingency or a Japan contingency, Tokyo would need to ask another country for weapons and ammunition or else it would not have nearly enough. Sato asked whether Japan would be able to ask for weapons when it is in a crisis if it doesn't give to other countries during their crises. ALSO READ | 'Why on earth...': Chinese FM quashes rumours of supplying weapons to Russia The Komeito party, a junior ruling coalition partner in Japan, is reluctant to open defence exports to weapons. Nikkie reported that Komeito lobbied to remove "as quickly as possible" from the amended National Security Strategy text calling for a revised weapons transfer policy. The Kishida government and the ruling coalition are expected to debate weapons exports after the local elections in April. Also, the proponents of such exports will face people who are against the idea. A poll published by Nikkie last week showed that only 16% of the respondents were in support of Japan sending arms to Ukraine and 76% were against it. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Japan considering exporting weapons to countries under invasion: Report

Foreign ministers from around the world will attend the G20 Summit which is taking place in New Delhi. The two day summit is taking place in the shadow of Russia's war in Ukraine and spiraling U.S.-China tensions. In such a backdrop New Delhi hopes that issues like climate change and third world debt are not overlooked.

India hosts 2-day G20 meet in New Delhi

Finance chiefs of the world's largest economies strongly condemned Moscow for its war on Ukraine on Saturday, with only China and Russia itself declining to sign a joint statement.

Is G7 influencing the G20 group?

European Union member states along with G7 countries and Australia have reached an agreement on the price caps for Russian Petroleum products. The move is the latest part of a push to limit Russian President Vladimir Putin's war chest.

EU, G7 and Australia announces price cap; Russia lashes out at EU over price cap | World News | WION

India and France will hold the 36th strategic dialogue in Delhi on Thursday for which French President Emmanuel Macron's diplomatic advisor and G20/G7 Sherpa Emmanuel Bonne will be in the Indian capital. National Security Advisor (NSA) Ajit Doval will lead the Indian side having travelled to Paris in 2021 for the last iteration of the dialogue.

The annual dialogue will focus on issues like Indo-Pacific, Afghanistan, G20, defence cooperation, counter-terrorism, and other issues.

Bonne is the first foreign official to travel to Delhi in 2023, a year that will see India host&nbsp;big-ticket summits like the G20 and SCO.

The fact that he is also France's G20 sherpa means a key focus will be on the Indian presidency of the grouping. India as the president of the grouping will hold the summit later this year in September.&nbsp;

<a href="https://www.wionews.com/india-news/india-defence-minister-rajnath-singh-to-inaugurate-infra-projects-in-arunachal-pradesh-548827">Read more:&nbsp;India: Defence Minister Rajnath Singh to inaugurate infra projects in Arunachal Pradesh</a>

In his day-long visit, Bonne is expected to meet other top officials as well. The 52 years old top French diplomat was in Delhi in 2021 and called on PM Modi.

The visit comes in a year when the French President is also expected to visit India and which marks the 25th anniversary of the Indo-French strategic partnership, launched in 1998.

<a href="https://www.wionews.com/videos/gravitas-what-can-india-do-as-g20-president-548191">WATCH |&nbsp;Gravitas: What can India do as G20 President?</a>

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Defence cooperation, space cooperation and civil nuclear cooperation constitute the three principal pillars of the strategic partnership between the two countries.

Ahead of the visit, both sides have also been discussing ways to speed up the setting up of the civilian nuclear power reactors at Jaitapur, Ratnagiri district of Maharashtra.

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India and France will hold the 36th strategic dialogue in Delhi on Thursday for which French President Emmanuel Macron's diplomatic advisor and G20/G7 Sherpa Emmanuel Bonne will be in the Indian capital.

India and France will hold the 36th strategic dialogue in Delhi on Thursday for which French President Emmanuel Macron's diplomatic advisor and G20/G7 Sherpa Emmanuel Bonne will be in the Indian capital. National Security Advisor (NSA) Ajit Doval will lead the Indian side having travelled to Paris in 2021 for the last iteration of the dialogue. The annual dialogue will focus on issues like Indo-Pacific, Afghanistan, G20, defence cooperation, counter-terrorism, and other issues. Bonne is the first foreign official to travel to Delhi in 2023, a year that will see India host big-ticket summits like the G20 and SCO. The fact that he is also France's G20 sherpa means a key focus will be on the Indian presidency of the grouping. India as the president of the grouping will hold the summit later this year in September. Read more: India: Defence Minister Rajnath Singh to inaugurate infra projects in Arunachal Pradesh In his day-long visit, Bonne is expected to meet other top officials as well. The 52 years old top French diplomat was in Delhi in 2021 and called on PM Modi. The visit comes in a year when the French President is also expected to visit India and which marks the 25th anniversary of the Indo-French strategic partnership, launched in 1998. WATCH | Gravitas: What can India do as G20 President? × Defence cooperation, space cooperation and civil nuclear cooperation constitute the three principal pillars of the strategic partnership between the two countries. Ahead of the visit, both sides have also been discussing ways to speed up the setting up of the civilian nuclear power reactors at Jaitapur, Ratnagiri district of Maharashtra. WATCH WION LIVE HERE:

French president's diplomatic advisor Bonne travels to Delhi to take part in Indo-France strategic dialogue

The Group of Seven (G7) on Thursday (December 29) told the Taliban to 'urgently reverse' the ban on women aid workers in Afghanistan. Issuing a joint statement, the G7 foreign ministers said they are gravely concerned that the Taliban's reckless and dangerous order barring female employees of national and international NGOs from the workplace puts at risk millions of Afghans who depend on humanitarian assistance for their survival, news agency AFP reported.&nbsp;

The G7 pointed out that women are absolutely central to humanitarian and basic needs operations.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/afghanistan-un-halts-time-critical-programmes-due-to-talibans-ban-on-female-aid-workers-547529">Afghanistan:&nbsp;UN halts 'time critical' programmes due to Taliban's ban on female aid workers</a>

"Unless they participate in aid delivery in Afghanistan, NGOs will be unable to reach the country’s most vulnerable people to provide food, medicine, winterization, and other materials and services they need to live," Thursday's statement added.&nbsp;

The group also said that the Taliban continued to demonstrate their contempt for the rights, freedoms and welfare of the people of Afghanistan, particularly women and girls.&nbsp;

ALSO WATCH | UNSC denounces Taliban government's restrictions on women

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&nbsp;

The ban on women aid workers in Afghanistan comes days after the Taliban barred women from attending universities in the country. The Taliban said the move to ban women aid workers was justified because some of them had not adhered to the group's interpretation of the Islamic dress code for women.

The above decisions of the Taliban on women have been condemned globally.&nbsp;

ALSO READ | <a href="https://www.wionews.com/world/united-nations-urges-taliban-government-to-end-terrible-restrictions-on-women-547139">United Nations urges Taliban government to end 'terrible' restrictions on women</a>

Before the G7, the United Nations had urged the Taliban to reverse the ban on women aid workers. "Millions of Afghans need humanitarian assistance and removing barriers is vital," the United Nations Assistance Mission in Afghanistan (UNAMA) said on Monday, news agency Reuters reported.&nbsp;

On Wednesday, the UN said that some "time-critical" programmes in Afghanistan were temporarily stopped due to a lack of female staff. "Banning women from humanitarian work has immediate life-threatening consequences for all Afghans. Already, some time-critical programmes have had to stop temporarily due to lack of female staff," a joint statement read.&nbsp;

(With inputs from agencies)

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The Group of Seven (G7) on Thursday (December 29) told the Taliban to 'urgently reverse' the ban on women aid workers in Afghanistan. Issuing a joint statement, the G7 foreign ministers said they are gravely concerned that the Taliban's reckless and dangerous order barring female employees of national and international NGOs from the workplace puts at risk millions of Afghans who depend on humanitarian assistance for their survival, news agency AFP reported.

The Group of Seven (G7) on Thursday (December 29) told the Taliban to 'urgently reverse' the ban on women aid workers in Afghanistan. Issuing a joint statement, the G7 foreign ministers said they are gravely concerned that the Taliban's reckless and dangerous order barring female employees of national and international NGOs from the workplace puts at risk millions of Afghans who depend on humanitarian assistance for their survival, news agency AFP reported. The G7 pointed out that women are absolutely central to humanitarian and basic needs operations. ALSO READ | Afghanistan: UN halts 'time critical' programmes due to Taliban's ban on female aid workers "Unless they participate in aid delivery in Afghanistan, NGOs will be unable to reach the country’s most vulnerable people to provide food, medicine, winterization, and other materials and services they need to live," Thursday's statement added. The group also said that the Taliban continued to demonstrate their contempt for the rights, freedoms and welfare of the people of Afghanistan, particularly women and girls. ALSO WATCH | UNSC denounces Taliban government's restrictions on women × The ban on women aid workers in Afghanistan comes days after the Taliban barred women from attending universities in the country. The Taliban said the move to ban women aid workers was justified because some of them had not adhered to the group's interpretation of the Islamic dress code for women. The above decisions of the Taliban on women have been condemned globally. ALSO READ | United Nations urges Taliban government to end 'terrible' restrictions on women Before the G7, the United Nations had urged the Taliban to reverse the ban on women aid workers. "Millions of Afghans need humanitarian assistance and removing barriers is vital," the United Nations Assistance Mission in Afghanistan (UNAMA) said on Monday, news agency Reuters reported. On Wednesday, the UN said that some "time-critical" programmes in Afghanistan were temporarily stopped due to a lack of female staff. "Banning women from humanitarian work has immediate life-threatening consequences for all Afghans. Already, some time-critical programmes have had to stop temporarily due to lack of female staff," a joint statement read. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

'Urgently reverse' ban on Afghan women aid workers: G7 tells Taliban

Oil prices are up today by one percent. This comes after OPEC+ yesterday denounced price cap imposed by EU, G7 and Australia on machine oil. Moscow is now trying to cover up the loss from sales of its crude oil.

World Business Watch: OPEC+, Russia meet ahead of fresh sanctions on Russian oil

After over nine months into the Ukraine war, the West has finally reached an agreement that intends to deny Russia of war resources. The G7 and EU agreed to a 60 US dollar per barrel price cap on Russian crude oil.

Russia Ukraine War: Can a price cap cut Putin's war chest?

After denouncing the price cap that was imposed by the EU and the G7 on Russian oil, Moscow is now trying to cover up the losses that it may have to incur because of that.

OPEC+ stays on with production cut of 2 million barrels per day

Group of seven countries along with Australia and the European Union have agreed on a $60 per barrel price cap on Russian crude oil. With this they aim to deny Russia of war resources and now both Russia and Ukraine have reacted to the agreement, Russia completely denounced the oil cap while Ukrainian President Volodymyr Zelensky expressed his disappointment over the decision.

Russia denounces oil price cap agreed by EU, G7; Zelensky says 'price cap on Moscow not serious'

War in Ukraine: $60 per barrel price cap agreed on Russian crude oil

Following European Union, the Group of Seven (G7) nations and Australia on Friday (December 2) also agreed to the USD 60 per barrel price cap on Russian seaborne crude oil. Earlier in the day, the European Union member states had hammered out a political agreement over price cap overcoming Poland's hesitancy.&nbsp;The price cap will make it very difficult for Russia to sell its oil for a higher price since the most important shipping and insurance firms are based in G7 countries. 
 
The price cap by G&amp; coalition will allow non-EU countries to keep importing seaborne Russian crude oil, but it will prohibit shipping, insurance and re-insurance companies from handling cargoes of Russian crude around the globe, unless it is sold for less than the price cap. 
 
The EU had agreed to the price cap&nbsp;after holdout Poland also came in its support, paving the way for formal approval over the weekend.

The G7 and Australia said in a statement that the price cap would take effect on Dec. 5 or very soon thereafter.

Watch | War in Ukraine: $60 per barrel price cap agreed on Russian crude oil

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The nations said they anticipated that any revision of the price would include a form of grandfathering to allow compliant transactions concluded before the change.

"The Price Cap Coalition may also consider further action to ensure the effectiveness of the price cap," the statement read. No details were immediately available on what further actions could be taken.

The price cap aims to limit Russia's ability to raise income through its energy assets to fund its ongoing war efforts in Ukraine.

Also Read | <a href="https://www.wionews.com/world/us-remains-ready-to-meet-russia-over-new-start-nuclear-treaty-talks-says-official-539606">US remains ready to meet Russia over 'New Start' nuclear treaty talks, says official</a><a href="https://www.wionews.com/world/us-remains-ready-to-meet-russia-over-new-start-nuclear-treaty-talks-says-official-539606">&nbsp;</a>

Warsaw had resisted the proposed level as it examined an adjustment mechanism to keep the cap below the market price. It had pushed in EU negotiations for the cap to be as low as possible to squeeze revenues to Russia and limit Moscow's ability to finance its war in Ukraine.

Polish Ambassador to the EU, Andrzej Sados, on Friday told reporters Poland had backed the EU deal, which included a mechanism to keep the oil price cap at least 5 per cent&nbsp;below the market rate. U.S. officials said the deal was unprecedented and demonstrated the resolve of the coalition opposing Russia's war.

Details of the deal are due to be published in the EU legal journal on Sunday.

(With inputs from agencies)

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&nbsp;

Following European Union, the Group of Seven (G7) nations and Australia on Friday (December 2) also agreed to the USD 60 per barrel price cap on Russian seaborne crude oil.

Following European Union, the Group of Seven (G7) nations and Australia on Friday (December 2) also agreed to the USD 60 per barrel price cap on Russian seaborne crude oil. Earlier in the day, the European Union member states had hammered out a political agreement over price cap overcoming Poland's hesitancy. The price cap will make it very difficult for Russia to sell its oil for a higher price since the most important shipping and insurance firms are based in G7 countries. The price cap by G& coalition will allow non-EU countries to keep importing seaborne Russian crude oil, but it will prohibit shipping, insurance and re-insurance companies from handling cargoes of Russian crude around the globe, unless it is sold for less than the price cap. The EU had agreed to the price cap after holdout Poland also came in its support, paving the way for formal approval over the weekend. The G7 and Australia said in a statement that the price cap would take effect on Dec. 5 or very soon thereafter. Watch | War in Ukraine: $60 per barrel price cap agreed on Russian crude oil × The nations said they anticipated that any revision of the price would include a form of grandfathering to allow compliant transactions concluded before the change. "The Price Cap Coalition may also consider further action to ensure the effectiveness of the price cap," the statement read. No details were immediately available on what further actions could be taken. The price cap aims to limit Russia's ability to raise income through its energy assets to fund its ongoing war efforts in Ukraine. Also Read | US remains ready to meet Russia over 'New Start' nuclear treaty talks, says official Warsaw had resisted the proposed level as it examined an adjustment mechanism to keep the cap below the market price. It had pushed in EU negotiations for the cap to be as low as possible to squeeze revenues to Russia and limit Moscow's ability to finance its war in Ukraine. Polish Ambassador to the EU, Andrzej Sados, on Friday told reporters Poland had backed the EU deal, which included a mechanism to keep the oil price cap at least 5 per cent below the market rate. U.S. officials said the deal was unprecedented and demonstrated the resolve of the coalition opposing Russia's war. Details of the deal are due to be published in the EU legal journal on Sunday. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

G7 and Australia follow EU, agree to $60 a barrel price cap on Russian crude oil

The United States and its allies will soon announce a price cap on Russian oil exports, as punishment for the country's invasion of its neighbour Ukraine.

As per Reuters, the Group of Seven (G7) nations, the European Union and Australia are slated to begin implementing the price cap starting December 5th and the coalition will probably adjust the level a few times a year and not monthly.

Watch |&nbsp;West-Russia rivalry: Arctic the new battlefield, Putin inaugurates nuclear-powered icebreakers

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This cap aims to keep oil flowing to international markets and prevent price spikes while depriving Moscow of a key source of revenues for its war machine.

As per an AFP report citing a senior US Treasury official, the European Union is talking with its members about the price level.&nbsp;

Once the EU's procedure is complete, the broader coalition will take action to apply the cap.

Also read |&nbsp;<a href="https://www.wionews.com/world/senators-urge-biden-administration-to-supply-ukraine-lethal-gray-eagle-drones-heres-all-you-need-to-know-536591">Senators urge Biden administration to supply Ukraine lethal Gray Eagle drones. Here's all you need to know</a>

"We expect the next few days for them to complete their consultations on price setting, and for us as a coalition to move forward ... implementing the price cap ahead of December 5."&nbsp;

Moscow wouldn't retaliate against the new policy, the official claimed, since "it's not in their interest."

Also read |&nbsp;<a href="https://www.wionews.com/world/russia-demonstrates-its-arctic-power-with-launch-of-nuclear-icebreakers-536542">Russia demonstrates its 'Arctic power' with launch of nuclear icebreakers&nbsp;</a>

"Any action they take to drive up prices will have an impact on their new customers, customers like India and China," he added.

Treasury officials have insisted that the price cap would allow Russia to make a profit while preventing them from receiving additional revenue via price inflation.

(With inputs from agencies)

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The United States and its allies will soon announce a price cap on Russian oil exports, as punishment for the country's invasion of its neighbour Ukraine. As per Reuters, the Group of Seven (G7) nations, the European Union and Australia are slated to begin implementing the price cap starting December 5th and the coalition will probably adjust the level a few times a year and not monthly.

The United States and its allies will soon announce a price cap on Russian oil exports, as punishment for the country's invasion of its neighbour Ukraine. As per Reuters, the Group of Seven (G7) nations, the European Union and Australia are slated to begin implementing the price cap starting December 5th and the coalition will probably adjust the level a few times a year and not monthly. Watch | West-Russia rivalry: Arctic the new battlefield, Putin inaugurates nuclear-powered icebreakers This cap aims to keep oil flowing to international markets and prevent price spikes while depriving Moscow of a key source of revenues for its war machine. As per an AFP report citing a senior US Treasury official, the European Union is talking with its members about the price level. Once the EU's procedure is complete, the broader coalition will take action to apply the cap. Also read | Senators urge Biden administration to supply Ukraine lethal Gray Eagle drones. Here's all you need to know "We expect the next few days for them to complete their consultations on price setting, and for us as a coalition to move forward ... implementing the price cap ahead of December 5." Moscow wouldn't retaliate against the new policy, the official claimed, since "it's not in their interest." Also read | Russia demonstrates its 'Arctic power' with launch of nuclear icebreakers "Any action they take to drive up prices will have an impact on their new customers, customers like India and China," he added. Treasury officials have insisted that the price cap would allow Russia to make a profit while preventing them from receiving additional revenue via price inflation. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

US and allies to announce price cap on Russian oil; move will help cut Moscow's revenues for its war machine

Foreign ministers of G7 industrialised nations said on Sunday (November 20) that the United Nations Security Council needs to take "significant measures" responding to latest intercontinental ballistic missile (ICBM) launch by North Korea. The UNSC is due to discuss North Korea in a meeting on Monday, at the request of the United States.

"(North Korea's) actions demand a united and robust response by the international community," the ministers of the United States, Japan, Canada, Germany, Britain, France and Italy said.

On Friday, North Korea tested a ballistic missile capable of reaching mainland US. The test was carried out shortly after warning of "fiercer military responses" to Washington beefing up its security presence in the region.

Pyongyang tested on Friday a ballistic missile capable of reaching the U.S. mainland shortly after warning of "fiercer military responses" to Washington beefing up its security presence in the region.

The G7 statement said Friday's test was a "reckless act" and "another blatant violation" of U.N. resolutions.

"The unprecedented series of unlawful ballistic missile launches conducted by (North Korea) in 2022 ... pose a serious threat to regional and international peace and security," the G7 statement said, adding that the country "cannot and will never have the status of a nuclear-weapon state".

(With inputs from agencies)

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Foreign ministers of G7 industrialised nations said on Sunday (November 20) that the United Nations Security Council needs to take "significant measures" responding to latest intercontinental ballistic missile (ICBM) launch by North Korea.

Foreign ministers of G7 industrialised nations said on Sunday (November 20) that the United Nations Security Council needs to take "significant measures" responding to latest intercontinental ballistic missile (ICBM) launch by North Korea. The UNSC is due to discuss North Korea in a meeting on Monday, at the request of the United States. "(North Korea's) actions demand a united and robust response by the international community," the ministers of the United States, Japan, Canada, Germany, Britain, France and Italy said. On Friday, North Korea tested a ballistic missile capable of reaching mainland US. The test was carried out shortly after warning of "fiercer military responses" to Washington beefing up its security presence in the region. Pyongyang tested on Friday a ballistic missile capable of reaching the U.S. mainland shortly after warning of "fiercer military responses" to Washington beefing up its security presence in the region. The G7 statement said Friday's test was a "reckless act" and "another blatant violation" of U.N. resolutions. "The unprecedented series of unlawful ballistic missile launches conducted by (North Korea) in 2022 ... pose a serious threat to regional and international peace and security," the G7 statement said, adding that the country "cannot and will never have the status of a nuclear-weapon state". (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

G7 wants 'significant' UN measures over North Korea missile launches

US is once again urging its western partners to firm up their stance against China. US Secretary of State Antony Blinken in a later statement has said that the group of seven countries also called the G7 is clear-eyed about the need to align their approach on China.

Blinken: G7 alignment on China increasingly strong

As the war rages on, Ukraine President Volodymyr Zelensky has thanked the G7 Nations for announcing a coordination mechanism to help rebuild the country's shattered energy infrastructure.

Ukrainian forces close in on Kherson, among first to fall to Moscow

US Secretary of State Antony Blinken on Friday, at the end of the two-day meeting of foreign ministers of the world's seven wealthiest democracies or&nbsp;G7, said the group is clear-eyed about its approach in dealing with China.&nbsp;The meeting took place in the western German town of Muenster and the main talking point remained China's aggressive global posturing.&nbsp;

"In our discussions here, we're also clear eyed about the need to align our approach to the PRC (People's Republic of China) in the face of growing coercion, and push back together against Beijing's market-distorting policies and practices, which hurt workers and industries in all of our countries," said Blinken while talking to reporters.&nbsp;

While Blinken talked about a clear-eyed approach, the grouping stopped short of making a reference to a common goal.

However, experts believe that the optics of G7 and Blinken's statement were&nbsp;somewhat diluted as German Chancellor Olaf Scholz was visiting China on a one-day trip to meet Xi Jinping. This was the first trip from a G7 leader to China after the 20th CPC Congress where Xi secured a third term for himself as the party general secretary.&nbsp;

<a href="https://www.wionews.com/videos/germany-chancellor-olaf-scholz-holds-talks-with-xi-jinping-hopes-china-persuades-russia-to-end-war-531173">WATCH | Germany Chancellor Olaf Scholz holds talks with Xi Jinping, hopes China persuades Russia to end war</a>

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Moreover, Blinken's statement comes in the backdrop of&nbsp;Chinese Foreign Minister Wang Yi lashing out at him during the duo's phone call last week.&nbsp;

“The US side should stop its containment and suppression of China and not create new obstacles to bilateral relations,” read the statement released by Beijing's foreign ministry.&nbsp;

The Chinese minister also took a shot at the US for its recent strategy of curbing the export of semiconductors to China.&nbsp;

<a href="https://www.wionews.com/world/chinese-foreign-minister-lashes-out-at-blinken-during-a-phone-call-529868">Read more:&nbsp;Chinese foreign minister lashes out at Blinken during a phone call</a>

“The US side introduced new export controls against China, restricting investments in China, seriously violating free-trade principles and seriously harming China’s legitimate rights and interests, which must be corrected.”

Meanwhile, Blinken took to Twitter to inform about the phone call. However, he stopped short of mentioning the criticism levelled by the Chinese side.&nbsp;

“The US side introduced new export controls against China, restricting investments in China, seriously violating free-trade principles and seriously harming China’s legitimate rights and interests, which must be corrected," tweeted Blinken.

(With inputs from agencies) 
 
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US Secretary of State Antony Blinken on Friday, at the end of the two-day meeting of foreign ministers of the world's seven wealthiest democracies or G7, said the group is clear-eyed about its approach in dealing with China.

US Secretary of State Antony Blinken on Friday, at the end of the two-day meeting of foreign ministers of the world's seven wealthiest democracies or G7, said the group is clear-eyed about its approach in dealing with China. The meeting took place in the western German town of Muenster and the main talking point remained China's aggressive global posturing. "In our discussions here, we're also clear eyed about the need to align our approach to the PRC (People's Republic of China) in the face of growing coercion, and push back together against Beijing's market-distorting policies and practices, which hurt workers and industries in all of our countries," said Blinken while talking to reporters. While Blinken talked about a clear-eyed approach, the grouping stopped short of making a reference to a common goal. However, experts believe that the optics of G7 and Blinken's statement were somewhat diluted as German Chancellor Olaf Scholz was visiting China on a one-day trip to meet Xi Jinping. This was the first trip from a G7 leader to China after the 20th CPC Congress where Xi secured a third term for himself as the party general secretary. WATCH | Germany Chancellor Olaf Scholz holds talks with Xi Jinping, hopes China persuades Russia to end war × Moreover, Blinken's statement comes in the backdrop of Chinese Foreign Minister Wang Yi lashing out at him during the duo's phone call last week. “The US side should stop its containment and suppression of China and not create new obstacles to bilateral relations,” read the statement released by Beijing's foreign ministry. The Chinese minister also took a shot at the US for its recent strategy of curbing the export of semiconductors to China. Read more: Chinese foreign minister lashes out at Blinken during a phone call “The US side introduced new export controls against China, restricting investments in China, seriously violating free-trade principles and seriously harming China’s legitimate rights and interests, which must be corrected.” Meanwhile, Blinken took to Twitter to inform about the phone call. However, he stopped short of mentioning the criticism levelled by the Chinese side. “The US side introduced new export controls against China, restricting investments in China, seriously violating free-trade principles and seriously harming China’s legitimate rights and interests, which must be corrected," tweeted Blinken. (With inputs from agencies) WATCH WION LIVE HERE:

‘G7 clear-eyed about need to align on China,’ says Blinken after foreign ministers’ meet

From G7 Foreign Ministers Meeting to a police raid on an illegal sand quarry in Pekan Bada, here are some impactful images from around the world on 04 November, 2022.

World in Pictures: G7 Foreign Ministers Meeting; Police raid on an illegal sand quarry in Pekan Bada

The Group of Seven rich nations and Australia have agreed to set a fixed price when they finalize a price cap on Russian oil later this month, rather than adopting a floating rate, sources said on Thursday.

US officials and G7 countries have been in intense negotiations in recent weeks over the unprecedented plan to put a price cap on sea-borne oil shipments, which is scheduled to take effect on Dec. 5, to ensure EU and US sanctions aimed at limiting Moscow's ability to fund its invasion of Ukraine do not throttle the global oil market.

“The Coalition has agreed the price cap will be a fixed price that will be reviewed regularly rather than a discount to an index,” said a coalition source, who was not authorized to speak publicly. “This will increase market stability and simplify compliance to minimize the burden on market participants.”

The initial price itself has not been set, but should be in the coming weeks, multiple sources said. Coalition partners agreed to regularly review the fixed price and revise it as needed, the source said, without disclosing further details.

Pegging the price as a discount to some index would have resulted in too much volatility and potential price swings, the source added.

The coalition worried that a floating price pegged below the Brent international benchmark might enable Russian President Vladimir Putin to game the mechanism by reducing supply, a second source with knowledge of the discussions said.

Putin could benefit from a floating price system because the price of his country's oil would also rise if Brent spiked due to a cut in oil from Russia, one of the world's largest petroleum producers. The downside of the agreed fixed price system is that it will require more meetings of the coalition and bureaucracy to review it regularly, the source said.

Also Read:&nbsp;<a href="https://www.wionews.com/world/russia-hints-retreat-in-southern-ukraine-but-kyiv-thinks-its-a-trap-531050">Russia hints at retreat in southern Ukraine, but Kyiv thinks it's a trap</a>

US Treasury Secretary Janet Yellen and other G7 officials argue the price cap, set to begin on Dec. 5 on crude and Feb. 5 on oil products, will squeeze funding to Russia without cutting supply to consumers. Russia has said it will refuse to ship oil to countries that set price caps.

Shipping services are eager to see more details about the G7 plan which is due to take effect in a month.

A steady price cap could enable insurers to more confidently roll over contracts and initiate new ones without fear that the price could be adjusted by the countries buying Russian oil, which could have potentially exposed insurers to sanctions.

No immediate comment was available from the treasury or the embassies of coalition members, which include the G7 rich nations, the European Union and Australia.

Separately, The Wall Street Journal reported on Friday that the United States and its allies had agreed on further details on which sales of Russian oil will face the price cap.

Each load of seaborne Russian oil will only be subject to the price cap when first sold to a buyer on land, the countries determined. Reuters could not immediately verify the report which cited people familiar with the matter. 
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The Group of Seven rich nations and Australia have agreed to set a fixed price when they finalize a price cap on Russian oil later this month, rather than adopting a floating rate, sources said on Thursday.

The Group of Seven rich nations and Australia have agreed to set a fixed price when they finalize a price cap on Russian oil later this month, rather than adopting a floating rate, sources said on Thursday. US officials and G7 countries have been in intense negotiations in recent weeks over the unprecedented plan to put a price cap on sea-borne oil shipments, which is scheduled to take effect on Dec. 5, to ensure EU and US sanctions aimed at limiting Moscow's ability to fund its invasion of Ukraine do not throttle the global oil market. “The Coalition has agreed the price cap will be a fixed price that will be reviewed regularly rather than a discount to an index,” said a coalition source, who was not authorized to speak publicly. “This will increase market stability and simplify compliance to minimize the burden on market participants.” The initial price itself has not been set, but should be in the coming weeks, multiple sources said. Coalition partners agreed to regularly review the fixed price and revise it as needed, the source said, without disclosing further details. Pegging the price as a discount to some index would have resulted in too much volatility and potential price swings, the source added. The coalition worried that a floating price pegged below the Brent international benchmark might enable Russian President Vladimir Putin to game the mechanism by reducing supply, a second source with knowledge of the discussions said. Putin could benefit from a floating price system because the price of his country's oil would also rise if Brent spiked due to a cut in oil from Russia, one of the world's largest petroleum producers. The downside of the agreed fixed price system is that it will require more meetings of the coalition and bureaucracy to review it regularly, the source said. Also Read: Russia hints at retreat in southern Ukraine, but Kyiv thinks it's a trap US Treasury Secretary Janet Yellen and other G7 officials argue the price cap, set to begin on Dec. 5 on crude and Feb. 5 on oil products, will squeeze funding to Russia without cutting supply to consumers. Russia has said it will refuse to ship oil to countries that set price caps. Shipping services are eager to see more details about the G7 plan which is due to take effect in a month. A steady price cap could enable insurers to more confidently roll over contracts and initiate new ones without fear that the price could be adjusted by the countries buying Russian oil, which could have potentially exposed insurers to sanctions. No immediate comment was available from the treasury or the embassies of coalition members, which include the G7 rich nations, the European Union and Australia. Separately, The Wall Street Journal reported on Friday that the United States and its allies had agreed on further details on which sales of Russian oil will face the price cap. Each load of seaborne Russian oil will only be subject to the price cap when first sold to a buyer on land, the countries determined. Reuters could not immediately verify the report which cited people familiar with the matter.

G7 coalition agrees to set a fixed rate for proposed price cap on Russian oil

Leaders of the G7 met virtually for an emergency summit today, just today after a barrage of Russian missiles pounded Ukrainian cities.

G7 leaders' meet following Vladimir Putin's Kyiv bombardment

Ukraine President Volodymyr Zelensky on Tuesday claimed that Russia was dragging Belarus into the war, and urged the western allies to extend military aid and help Kyiv to defend itself.

Addressing the G7 leaders virtually after two days of widespread aerial strikes by Russia across Ukraine cities, Zelensky called for international observers to be placed on the Ukraine-Belarus border "to monitor the security situation".

"Russia is trying to directly draw Belarus into this war, playing a provocation that we are allegedly preparing an attack on this country," Zelensky said.

He further said that Putin is looking for "room for escalation" and added that he is his the final days of his reign.

“The Russian leader, who is now in the final stage of his reign, still has room for further escalation. This is "a threat to all of us,” he said.

Urging the West allies to help fund Ukraine’s air defence system, Zelensky said, “I am asking you to strengthen the overall effort to help financially with the creation of an air shield for Ukraine. Millions of people will be grateful to the Group of Seven for such assistance.”

The G7 leaders from Canada, France, Germany, Italy, Japan, the UK and US condemned Russia “in the strongest possible terms” for the recent airstrikes in Ukraine that killed several civilians.

Following their meeting with the Ukrainian leader, the G7 issued a joint statement deploring attacks saying that the “indiscriminate attacks on innocent civilian populations constitute a war crime”.

“No country wants peace more than Ukraine, whose people have suffered death, displacement and countless atrocities as the result of Russian aggression.”

“We will continue to provide financial, humanitarian, military, diplomatic and legal support and will stand firmly with Ukraine for as long as it takes,” it added.

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Ukraine President Volodymyr Zelensky on Tuesday claimed that Russia was dragging Belarus into the war, and urged the western allies to extend military aid and help Kyiv to defend itself.

Ukraine President Volodymyr Zelensky on Tuesday claimed that Russia was dragging Belarus into the war, and urged the western allies to extend military aid and help Kyiv to defend itself. Addressing the G7 leaders virtually after two days of widespread aerial strikes by Russia across Ukraine cities, Zelensky called for international observers to be placed on the Ukraine-Belarus border "to monitor the security situation". "Russia is trying to directly draw Belarus into this war, playing a provocation that we are allegedly preparing an attack on this country," Zelensky said. He further said that Putin is looking for "room for escalation" and added that he is his the final days of his reign. “The Russian leader, who is now in the final stage of his reign, still has room for further escalation. This is "a threat to all of us,” he said. Urging the West allies to help fund Ukraine’s air defence system, Zelensky said, “I am asking you to strengthen the overall effort to help financially with the creation of an air shield for Ukraine. Millions of people will be grateful to the Group of Seven for such assistance.” The G7 leaders from Canada, France, Germany, Italy, Japan, the UK and US condemned Russia “in the strongest possible terms” for the recent airstrikes in Ukraine that killed several civilians. Following their meeting with the Ukrainian leader, the G7 issued a joint statement deploring attacks saying that the “indiscriminate attacks on innocent civilian populations constitute a war crime”. “No country wants peace more than Ukraine, whose people have suffered death, displacement and countless atrocities as the result of Russian aggression.” “We will continue to provide financial, humanitarian, military, diplomatic and legal support and will stand firmly with Ukraine for as long as it takes,” it added. WATCH WION LIVE HERE:

Ukraine’s Zelensky says Russia ‘trying to draw Belarus into this war’

In advance of an urgent G7 summit to discuss the most recent Russian attacks on Ukraine, the Kremlin stated on Tuesday that it anticipates further "confrontation" with the West.&nbsp;

"The mood ahead of the summit is well understood, it is easily predictable. The confrontation will continue," Kremlin spokesman Dmitry Peskov told reporters, adding that Russia will "achieve its set goals" in Ukraine.&nbsp;

Washington's promise to give Ukraine "advanced air defence systems" was also criticised by Peskov.

Tuesday's G7 crisis discussions will focus on Russia's latest bombing campaign in Ukraine, which Kyiv's supporters saw as a sign of desperation and a turning point in the war.&nbsp;

A day after Russian rockets shook the Ukrainian capital for the first time in months, their meeting is taking place. Volodymyr Zelensky, the stubborn president, retaliated by telling Moscow that his nation "cannot be intimidated."&nbsp;

According to Kyiv, Moscow's soldiers launched more than 80 missiles against Ukrainian cities on Monday.&nbsp;

On Tuesday, Ukraine's emergency services reported that 19 people had died and more than 100 had been injured.

The United Nations stated on Tuesday that if civilians were purposefully targeted, the wave of attacks may have broken the rules of war.&nbsp;

The purposeful targeting of civilians and civilian-related items "amounts to a war crime," said Ravina Shamdasani, a spokesperson for the UN human rights office, who further stated that these attacks may have breached the norms of conduct of conflicts under international humanitarian law.&nbsp;

Also Read:<a href="https://www.wionews.com/world/israel-and-lebanon-reach-historic-agreement-on-maritime-border-dispute-524371">&nbsp;Israel and Lebanon reach 'historic agreement' on maritime border dispute: Reports</a>

The massive bombardment on Monday appeared to be a reprisal for a Saturday blast that destroyed a crucial bridge connecting Russia to Crimea, a peninsula Moscow seized from Ukraine in 2014.

Vladimir Putin, the president of Russia, attributed the bridge explosion to Ukraine and threatened "severe" retaliation for any more assaults.&nbsp;

The strikes on Monday, according to Ukrainian Foreign Minister Dmytro Kuleba, demonstrated Moscow's "desperation" following a string of humiliating military defeats.&nbsp;

On Tuesday, Turkey urged Russia and Ukraine to implement a workable ceasefire "as soon as possible."

(with inputs from agencies)

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In advance of an urgent G7 summit to discuss the most recent Russian attacks on Ukraine, the Kremlin stated on Tuesday that it anticipates further "confrontation" with the West.

In advance of an urgent G7 summit to discuss the most recent Russian attacks on Ukraine, the Kremlin stated on Tuesday that it anticipates further "confrontation" with the West. "The mood ahead of the summit is well understood, it is easily predictable. The confrontation will continue," Kremlin spokesman Dmitry Peskov told reporters, adding that Russia will "achieve its set goals" in Ukraine. Washington's promise to give Ukraine "advanced air defence systems" was also criticised by Peskov. Tuesday's G7 crisis discussions will focus on Russia's latest bombing campaign in Ukraine, which Kyiv's supporters saw as a sign of desperation and a turning point in the war. A day after Russian rockets shook the Ukrainian capital for the first time in months, their meeting is taking place. Volodymyr Zelensky, the stubborn president, retaliated by telling Moscow that his nation "cannot be intimidated." According to Kyiv, Moscow's soldiers launched more than 80 missiles against Ukrainian cities on Monday. On Tuesday, Ukraine's emergency services reported that 19 people had died and more than 100 had been injured. The United Nations stated on Tuesday that if civilians were purposefully targeted, the wave of attacks may have broken the rules of war. The purposeful targeting of civilians and civilian-related items "amounts to a war crime," said Ravina Shamdasani, a spokesperson for the UN human rights office, who further stated that these attacks may have breached the norms of conduct of conflicts under international humanitarian law. Also Read: Israel and Lebanon reach 'historic agreement' on maritime border dispute: Reports The massive bombardment on Monday appeared to be a reprisal for a Saturday blast that destroyed a crucial bridge connecting Russia to Crimea, a peninsula Moscow seized from Ukraine in 2014. Vladimir Putin, the president of Russia, attributed the bridge explosion to Ukraine and threatened "severe" retaliation for any more assaults. The strikes on Monday, according to Ukrainian Foreign Minister Dmytro Kuleba, demonstrated Moscow's "desperation" following a string of humiliating military defeats. On Tuesday, Turkey urged Russia and Ukraine to implement a workable ceasefire "as soon as possible." (with inputs from agencies)

Kremlin says expecting more 'confrontation' with West before G7

The US is asking India and China to agree to a G7 proposal aimed at capping the price of Russian oil. How would a price cap be imposed? How will India respond to this request? Molly Gambhir tells you.

Gravitas: US wants India to support price cap on Russian oil

The Group of Seven (G7) nations are set to hold a meeting to impose a price cap on future Russian oil purchases, said the US officials, adding that India is going to benefit from this bid irrespective of its direct participation in the price cap mechanism. This comes days after Washington indicated that it hopes India and China to back its proposal to cap Russian oil.&nbsp;

“India will have access to a lower price of affordable energy. It can leverage the price cap to negotiate a lower price with Russia. It is consistent with a price cap,” said Elizabeth Rosenberg, the US treasury department’s Assistant Secretary for Terrorist Financing and Financial Crimes. She added, “We will not allow Russia to profit and get a war premium for invading Ukraine.”&nbsp;

The officials in Washington have told the reporters that the proposed price cap will factor in the cost of production and economically incentivise Russia to keep exporting oil, as the price of oil has skyrocketed in several countries amid high inflation. Reportedly, the G7 countries, US, UK Canada, France, Germany, Italy, and Japan,&nbsp;control nearly 90 per cent&nbsp;of insurers and vessels that Moscow relies on to transport oil. Furthermore, officials have also indicated that Russia is already a part of several long-term contracts with buyers offering huge discounts, which means that the price cap mechanism will work.&nbsp;

<a href="https://www.wionews.com/india-news/for-the-first-time-india-votes-against-russia-in-unsc-during-procedural-vote-on-ukraine-510162">Also read |&nbsp;In a first, India votes against Russia in UNSC during procedural vote on Ukraine</a>

The proposed price cap will apply to Russian oil and the G7 countries' plan to ensure that it is being adhered to is that any service provider including, transport, banking, insurance, and others from the G7 countries has to attest that the oil from Russia is being purchased below the price cap and have to be compliant. “It is not a global cap, it is G7 cap, we are using G7 reach and influence, in this everyone wins except Russia,” said Ben Harris, the US assistant secretary for economic policy and a counsellor to the secretary of the treasury, to the media.

This comes days after US deputy treasury secretary, Wall Adeyemo, during a press conference, on Tuesday, said that the US hopes that India and China will join the price cap mechanism or take advantage of it, to lower Russia’s earnings from the oil exports. He also indicated that the treasury department is seeking compliance with the price cap mechanism, and in order for it to be effective, they need assistance from those providing financial services to implement it.&nbsp;

However, experts have warned that the US-led initiative can backfire as it could push Russia to shut down its oil production causing the crude oil price in several countries to rise further. Earlier this week, Nikolai Shulginov, Russia’s energy minister warned that if the price cap mechanism is implemented Moscow would retaliate by sending more crude oil supplies to Asian countries. “Any actions to impose a price cap will lead to (a) deficit on (initiating countries’) own markets and will increase price volatility,” said Shulginov.&nbsp;

India is yet to respond to the proposed initiative, while it remains one of the largest importers of oil in the world and uses imported oil to meet more than 80% of its needs. Furthermore, amid western sanctions imposed on Moscow, India has drawn widespread criticism for its oil imports from Russia. However, New Delhi on multiple occasions has defended its stance citing discounted rates of Russian oil and ease of burden on its economy, as the prices soared following the conflict in Ukraine.&nbsp;

Responding to a question regarding India’s participation in the price cap mechanism, Hardeep Singh Puri, India’s Petroleum and Natural Gas Minister, indicated that there are a large number of factors and the country is still assessing whether to support the proposal. “Now, what will the proposal mean? We will look at it very carefully,” said Puri on Monday, in the context of how the world economy is still reeling from the impact of the Russian invasion of Ukraine and the coronavirus pandemic.&nbsp;

When asked if he feels morally conflicted about buying Russian oil amid the ongoing invasion of Ukraine, Puri responded, “No, there’s no conflict. I have a moral duty to my consumer. Do I as a democratically elected government want a situation where the petrol pump runs dry? Look at what is happening in countries around India.” This comes weeks after India's external affairs minister Dr S Jaishankar echoed a similar sentiment of Russian oil imports being the “best deal” for the country.&nbsp;

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The Group of Seven (G7) nations are set to hold a meeting to impose a price cap on future Russian oil purchases, said the US officials, adding that India is going to benefit from this bid irrespective of its direct participation in the price cap mechanism.

The Group of Seven (G7) nations are set to hold a meeting to impose a price cap on future Russian oil purchases, said the US officials, adding that India is going to benefit from this bid irrespective of its direct participation in the price cap mechanism. This comes days after Washington indicated that it hopes India and China to back its proposal to cap Russian oil. “India will have access to a lower price of affordable energy. It can leverage the price cap to negotiate a lower price with Russia. It is consistent with a price cap,” said Elizabeth Rosenberg, the US treasury department’s Assistant Secretary for Terrorist Financing and Financial Crimes. She added, “We will not allow Russia to profit and get a war premium for invading Ukraine.” The officials in Washington have told the reporters that the proposed price cap will factor in the cost of production and economically incentivise Russia to keep exporting oil, as the price of oil has skyrocketed in several countries amid high inflation. Reportedly, the G7 countries, US, UK Canada, France, Germany, Italy, and Japan, control nearly 90 per cent of insurers and vessels that Moscow relies on to transport oil. Furthermore, officials have also indicated that Russia is already a part of several long-term contracts with buyers offering huge discounts, which means that the price cap mechanism will work. Also read | In a first, India votes against Russia in UNSC during procedural vote on Ukraine The proposed price cap will apply to Russian oil and the G7 countries' plan to ensure that it is being adhered to is that any service provider including, transport, banking, insurance, and others from the G7 countries has to attest that the oil from Russia is being purchased below the price cap and have to be compliant. “It is not a global cap, it is G7 cap, we are using G7 reach and influence, in this everyone wins except Russia,” said Ben Harris, the US assistant secretary for economic policy and a counsellor to the secretary of the treasury, to the media. This comes days after US deputy treasury secretary, Wall Adeyemo, during a press conference, on Tuesday, said that the US hopes that India and China will join the price cap mechanism or take advantage of it, to lower Russia’s earnings from the oil exports. He also indicated that the treasury department is seeking compliance with the price cap mechanism, and in order for it to be effective, they need assistance from those providing financial services to implement it. However, experts have warned that the US-led initiative can backfire as it could push Russia to shut down its oil production causing the crude oil price in several countries to rise further. Earlier this week, Nikolai Shulginov, Russia’s energy minister warned that if the price cap mechanism is implemented Moscow would retaliate by sending more crude oil supplies to Asian countries. “Any actions to impose a price cap will lead to (a) deficit on (initiating countries’) own markets and will increase price volatility,” said Shulginov. India is yet to respond to the proposed initiative, while it remains one of the largest importers of oil in the world and uses imported oil to meet more than 80% of its needs. Furthermore, amid western sanctions imposed on Moscow, India has drawn widespread criticism for its oil imports from Russia. However, New Delhi on multiple occasions has defended its stance citing discounted rates of Russian oil and ease of burden on its economy, as the prices soared following the conflict in Ukraine. Responding to a question regarding India’s participation in the price cap mechanism, Hardeep Singh Puri, India’s Petroleum and Natural Gas Minister, indicated that there are a large number of factors and the country is still assessing whether to support the proposal. “Now, what will the proposal mean? We will look at it very carefully,” said Puri on Monday, in the context of how the world economy is still reeling from the impact of the Russian invasion of Ukraine and the coronavirus pandemic. When asked if he feels morally conflicted about buying Russian oil amid the ongoing invasion of Ukraine, Puri responded, “No, there’s no conflict. I have a moral duty to my consumer. Do I as a democratically elected government want a situation where the petrol pump runs dry? Look at what is happening in countries around India.” This comes weeks after India's external affairs minister Dr S Jaishankar echoed a similar sentiment of Russian oil imports being the “best deal” for the country. Watch WION's live TV here: ×

India can benefit from the price cap imposed on Russian oil by the G7: US officials

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