The fuel crisis will not force the G7 to ease sanctions against Russia

The countries of the "Group of Seven" stated that they would maintain sanctions against Russia despite the worsening situation on global energy markets and the sharp rise in fuel prices. At the same time, the G7 will work with the International Energy Agency (IEA) and other partners to minimize the consequences of the crisis for the markets of fuel, gas, and other commodities. This is stated in a joint statement by the G7 leaders published on October 2, reports UNN.

Details

G7 leaders held a virtual meeting amid deepening energy security problems and significant volatility in the oil market. In their joint statement, they noted that the rapid rise in prices poses a threat to economic stability and the well-being of the population. Nevertheless, they will not ease sanctions against the Russian Federation.

We will maintain sanctions against Russia while working with the IEA and global partners to prevent the further spread of negative consequences to the markets of fuel, gas, and other commodities

The G7 countries also agreed to coordinate the release of 100 million barrels of energy resources through the International Energy Agency over four months. Significant volumes of diesel fuel are to be brought to the market within the first 20 days. In addition, the members of the "Group of Seven" plan to coordinate refinery maintenance schedules to avoid the simultaneous shutdown of significant capacity and, where possible, temporarily increase their utilization rates.

The G7 also called on countries with significant refining capacity to increase the production of petroleum products, primarily diesel fuel, the shortage of which is creating additional pressure on the global market. The group's countries reaffirmed their intention to refrain from imposing restrictions on energy exports among G7 members and called on other producers not to introduce bans that could further increase market tensions. The International Energy Agency is to monitor the impact of these measures on energy security and market stability. A report assessing the situation and providing recommendations on further action, including the replenishment of strategic reserves, is expected within 20 days.

At the end, the G7 emphasized that rising energy prices remain one of the main concerns for the population, so the group's countries are prepared to adjust the measures taken depending on developments.

We remind you

Earlier, Irish Finance Minister Harris linked the energy crisis to the closure of the Strait of Hormuz and the US war with Iran and denied that Ukraine's strikes on Russian oil refineries played a role.