Philip Dunne asks the Government how, when G7 nations have largely ceased importing Russian oil already, the G7 cap on the price of Russian oil will help limit Putin’s available revenue to fuel his war in Ukraine.
Last week, G7 nations imposed a cap on the price of Russian oil exports in an attempt to limit the revenue fuelling Putin’s war in Ukraine. As G7 nations have already largely ceased purchasing oil from Russia, can my right hon. Friend explain to the House how this measure will be effective?
We are working alongside the G7 to end that reliance on Russian energy and with the international community to open up alternative sources of energy, ensuring market stability. We introduced an oil price cap designed to enable countries to access the oil they need at affordable prices while undermining Russia’s ability to profit from inflated prices.