| Author (Person) | Cornago, Elisabetta |
|---|---|
| Publisher | Centre for European Reform (CER) |
| Series Title | CER Insight |
| Publication Date | July 2022 |
| Content Type | Research Paper |
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Summary: Following Russia’s invasion of Ukraine on February 24th, G7 countries responded by rapidly approving a series of economic sanctions. Canada was the first to ban Russian oil imports (which were already zero) on February 28th, followed by the US embargoing Russian coal, oil and gas in early March. The UK vowed to phase out Russian oil imports by the end of 2022. EU member-states banned imports of Russian coal on April 8th, followed by oil delivered by sea on May 31st. In response, Russia has weaponised its gas exports, demanding payments in roubles and stopping or reducing flows to EU member-states. The author argues that the most effective way of cutting Russian energy revenues while securing gas supplies would be for EU governments and G7 allies to impose a tariff. Money raised would help governments support households and businesses dealing with high energy prices. |
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| Source Link |
https://www.cer.eu/insights/g7-energy-tariff-russia-price-cap
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| Subject Categories | Energy |
| Subject Tags | Energy Markets, Energy Security, Tariff Policy |
| Keywords | Natural Gas, Security of Energy Supply, War in Ukraine (2022-) |
| Countries / Regions | Russia, Ukraine |
| International Organisations | European Union [EU], Group of Seven [G7] |
