Zelenskyy hails G-7 price cap on Russian oil

Ukrainian President Volodymyr Zelensky welcomed on Friday the decision of finance ministers of the G7 industrial powers to impose a ceiling on the price of Russian oil.

“When this mechanism is implemented, it will become an important part of protecting civilized countries and energy markets from hybrid Russian aggression,” Zelenskyy said in his evening video address.

“I remind you every time that the protection of Ukraine is the protection of all of Europe. Not just ours, but the whole democratic world.”

Friday’s pledge by G-7 finance ministers was aimed at limiting the Kremlin’s revenue and ability to finance its war in Ukraine, while reducing the war’s impact on energy prices and inflation .

Ministers said they would enforce the cap by prohibiting insurance or shipping companies from helping Russia sell oil at prices above the set limit.

Zelenskyy also thanked EU leaders on Friday for their support and reiterated his eagerness to join the EU.

“Advancing towards Europe, we are strengthening Ukrainian national life as a whole. I am sure that Ukraine will become a full member of the EU. Let’s at least do everything for it.”

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Christi C. Elwood