China rejects West’s call for Russian oil price cap

Beijing opposes the decision made by the G7 nations to introduce a price cap on Russian oil, Chinese Foreign Ministry Spokesperson Mao Ning said on Monday. 

“Oil is crucial for ensuring global energy security,” she told a briefing, adding: “we hope that the countries concerned... will make constructive efforts, and not the other way around.”

The spokesperson urged the G7 states to instead “fortify dialogue and advance negotiations.”

On Friday, the finance ministers of the G7 (the US, Canada, the UK, Germany, France, Italy, and Japan) agreed to impose a price ceiling on Russian oil, to limit the country’s revenues. The plan includes banning services such as insurance and financing to ships transporting Russian crude above an agreed price threshold.

On Saturday, the European Union urged China and India to join the G7’s price cap initiative. The EU claimed it’s unfair for countries to pay excess revenues to Moscow. China and India have ramped up their purchases of Russian oil lately, benefiting from discounted rates.

Moscow has warned it will suspend supplies of oil and petroleum products to states that decide to enforce a price cap.

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