Japan Finance Minister Suzuki welcomes G7 agreement on Russian oil price cap
FILE PHOTO: Japanese Finance Minister Shunichi Suzuki attends the G20 Finance Ministers Meeting in Nusa Dua, Bali, Indonesia July 16, 2022. Sonny Tumbelaka/Pool via REUTERS
TOKYO :Japanese Finance Minister Shunichi Suzuki said he welcomed the Group of Seven financial leaders' agreement on Friday on setting a price cap on Russian oil exports, and he called for the scheme to be implemented quickly.
Suzuki told reporters that the cap should help temper surging energy prices and inflation.
"Implementing a price cap is significant. It's important to materialise what was agreed quickly," Suzuki said shortly after the G7 ministers' virtual meeting ended.
"We'll continue to respond appropriately while coordinating with the G7 and international society," he said.
The finance ministers confirmed in a joint statement that they plan to implement a price cap on Russian-origin crude oil and petroleum products.
The initial price cap will be based on a range of technical inputs, and the price level will be revisited as necessary, the ministers said.
