The finance ministers of the G7 countries (USA, Canada, Great Britain, Japan, Germany, France and Italy) agreed to impose a limit on the price of Russian oil, a corresponding statement was published on the website of the UK Treasury. It is clarified that insurance and financing for carriers of Russian oil at prices exceeding the established “threshold” will be prohibited. The new measure is expected to take effect in December.

“Today we reaffirm our joint political intent to complete the development and implement a comprehensive ban on services that allow for the sea transportation of oil and oil products of Russian origin around the world - the provision of such services will be allowed only if oil and oil products are purchased at prices equal to or below the limit, which is determined by a broad coalition of countries,” the report said. It is specified that with the help of this mechanism, officials expect to maintain the supply of oil and oil products from Russia, while reducing its income. At the same time, Russia's influence on world energy prices will be limited.

What is similar between 2008, 2014 and 2022? All three introduced some new form of energy and resources price controls. In 2022 it is first open price regulation by energy and resources consumers, because they are bankrupt scammers and nothing else works.