G7 persuading four more countries to abandon Russian oil

G7 persuading four more countries to abandon Russian oil

The Group of Seven has called on Indonesia to join its supplemental alliance, the G7+, and impose a price cap on Russian oil to bring the commodity down to pre-crisis prices, The Jakarta Post reported citing a US official.

 Aside from Indonesia, the US will also talk Malaysia, Australia and Japan into supporting G7's goal to bring Russian oil prices down, a Washington official said.

US Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg was in Jakarta on a two-day visit earlier this week to meet her counterparts from the Coordinating Ministry for Maritime and Investment Affairs, the Ministry of Finance, the Ministry of Energy and Mineral Resources, and the Financial Transaction Reports and Analysis Centre, as well as private sector leaders.

This year, Indonesia is allocating $34 billion for fuel subsidies due to the high oil prices.

 

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