Japan PM Fumio Kishida says G7 mulling to slash Russian oil prices by half: Report

In his latest remarks, Japanese Prime Minister Fumio Kishida stated that Group of Seven (G7) nations have decided to impose a cap on Russian oil prices by slashing m to around half of current purchase price. During a public dress in Tokyo on Sunday, Kishida me reference to a joint communique released after recently concluded G7 summit in Germany. He went on to say that a mechanism would be developed to stop purchase of Russian oil at a price higher than cap.

According to communiqué, a plan to cap oil prices might allow for international shipping of Russian crude oil and petroleum products only if commodity is purchased at or below a specified price. According to reports, limiting price of oil is anticipated to furr tighten  existing sanctions imposed on Russia for its invasion of Ukraine.

"We are facing a grave situation in which order of peace is being shaken. We must show that aggression comes with a heavy price." Kishida stated, as per Kyodo News. 

Japanese PM Kishida bats for unified G7 amid Ukraine war

Meanwhile, Japanese Prime Minister has also stressed importance of presenting a united front by G7 leers in order to prevent or nations from drawing "wrong lessons" from Russia's invasion of Ukraine. According to local reports, his statement was an evident reference to China's growing aggression in Indo-Pacific region. He highlighted Beijing's deployment of ships to Senkaku Islands' surrounding waters and its gas field explorations in East China Sea as attempts to enact a violent change in status quo.

G-7 nations pledge to increase import duties on Russian goods

It is pertinent to mention here that G-7 nations also pledged to increase import duties on Russian goods coming into ir nations. host of summit, German Chancellor Olaf Scholz, stated that G-7 nations' stances on Ukraine are largely consistent and that y recognise need to be both firm and careful. In dition to using sanctions to target Russia's supply lines for defence equipment, United States also announced new tariffs on as many as 570 different categories of products.  

Image: AP