RE:RE:RE:RE:RE:being held backFollowing from Wikipedia. Not sure who the French want to target more . The Russians or Windfall tax payers. We will see which plan actualy gete implemented !!
On September 2 2022, finance ministers of the G7 group of nations agreed to cap the price of Russian oil and petroleum products in order to reduce Russia's ability to finance its war with Ukraine without further increasing the 2021–2022 inflation surge.[1] French Finance Minister Bruno Le Maire said the proposal would require wider international participation to be successful, saying "it should not be a Western measure against Russia, it should be a global measure against war."[2] In response, Russia said it would suspend sales to countries supporting the price cap.[3] Energy analysts have also expressed skepticism that a price cap would be realistic because the coalition is "not broad enough"; OPEC+ called the plan "absurd". Likely the U.S. and the E.U. will attempt to follow through with the plan by limiting Russia's access to Western insurance services.[4] In October 2022, India (the world’s third-largest oil importer) announced it would not join the effort to cap the price of Russian oil. India obtains Russian crude at a significant discount, and regards Russia as a strategic, economic partner.[5]
The 2022 Russian oil cap would be enforced by a maritime attestation that Russian crude was purchased below a certain set price, irrespective of market conditions. As of September 2022, this price cap has not been set, but G-7-based finance companies would only be allowed to provide transport and other services to Russian-based crude under these conditions. Because Russian crude will no longer be imported into Europe as of 5 December 2022, and the U.S. has a complete ban already in place, the controlled purchase of Russian oil would only affect third countries. According to ship-tracking data, ownership and oil transfer (of Russian crude) had already occurred outside territorial waters, thereby creating a challenge for its enforcement.[6][7]
See also