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G7, EU mull comprehensive prohibition on Russian oil trade

BRUSSELS, Aug 2 (KUNA) -- The G7 and the European Union Tuesday said they are looking for options to prohibit Russia's trade in oil unless it was purchased at a price agreed beforehand.
Foreign Ministers of Canada, France, Germany, Italy, Japan, the, UK the US, and EU High Representative in a statement said "we remain committed to considering a range of approaches including options for a comprehensive prohibition of all services that enable transportation of Russian seaborne crude oil and petroleum products globally, unless the oil is purchased at or below a price to be agreed in consultation with international partners" "In considering this and other options, we will also consider mitigation mechanisms alongside our restrictive measures to ensure the most vulnerable and impacted countries maintain access to energy markets including from Russia," it noted.
The statement condemned "Russian attempts to weaponise its energy exports and use energy as a tool of geopolitical coercion." "We welcome efforts by partners with the aim of replenishing gas reserves and increasing energy security and resilience, amid Russia's increased weaponization of energy," it said.
"At the same time, we will continue our efforts with partners around the world to make energy savings and efficiency a global priority," added the joint statement. (end) nk.aa