Washington/Moscow: The G7 members have concurred over the proposal to cap the tariffs on fuel exports from Russia. A statement has been released that a decision was taken in this regard during the meeting held on Friday. It revealed that tariffs were going to be capped to prevent Russia from funding its ongoing military operation against Ukraine. Even before the G7’s decision, Russia sternly warned about fuel prices. Russia’s spokesman Dmitry Peskov warned that implementing the ‘price cap’ would cause tremendous instability in the fuel market.
Moreover, Ukraine has claimed that Russia receives about one billion dollars of funds every day from the sale of crude oil and natural gas. It further alleged that the money it gets from fuel sales to Russia is causing more bloodshed in Ukraine. Against this background, Western countries have started imposing restrictions on Russian fuel. However, these restrictions on Russian fuel caused a fuel price hike in the international market. This affected Western countries the most. Due to rising fuel prices, the discontent among the people in the West had started to intensify.
Subsequently, the United States and European countries have started struggling to avoid this dissatisfaction and ‘price cap’ is a part of it. Western countries have expressed hope that imposing sanctions on Russian fuel prices will lower fuel prices. 
The West claimed that due to the price decrease, Russia’s fuel revenue would decrease and Russia would not be able to continue the military operation against Ukraine for long. G7 has said that other partner countries will implement the ‘price cap’ against Russia. However, international experts and analysts have clearly warned that countries like China and India are unlikely to participate in this.
Meanwhile, Russia has strongly reacted to G7’s price cap. Russian government spokesman Dmitry Peskov warned of severe instability in the international fuel market. At the same time, Peskov also warned that Russia would not supply fuel to countries and companies that implemented G7’s decision. Russian Minister of Fuel Alexander Novak has also confirmed it.
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