OREANDA-NEWS Possible restrictions on the price of Russian oil discussed by the G7 countries will not be implemented in the near future, Bloomberg reports citing sources, Gazeta.ru reported.

At the summit of leaders of the G-7, the parties agreed to discuss options to limit the price of Russian oil, including through the prohibition of insurance services necessary for the transportation of oil and oil products, unless oil is not purchased at an agreed price or lower. At the meeting of EU ambassadors, they were told that this mechanism will not work in the near future.

The joint statement of the leaders of "Big Seven" stated that the USA and EU intend to isolate Russia from the world market and to stop the country from evading sanctions.

Later, the Financial Times wrote that India and China, which can provide insurance and transport services to importers, can hinder the plans of G7 countries. A source said it would be difficult to convince most insurers around the world to support the measures proposed by the G7. In addition, the plan itself to reduce Russia's revenues in terms of setting low oil prices seems questionable.