13 December 2022
Dunne questions Government on impact of G7 cap on Russian oil price

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.

Philip Dunne (Ludlow) (Con)

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?

The Minister of State, Foreign, Commonwealth and Development Office (Anne-Marie Trevelyan)

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.