2022 Russian crude oil price cap sanctions
As part of the sanctions imposed on the Russian Federation as a result of the Russo-Ukrainian War, on September 2, 2022, finance ministers of the G7 group of nations agreed to cap the price of Russian oil and petroleum products in an effort intended to reduce Russia's ability to finance its war on Ukraine while at the same time hoping to curb further increases to the 2021–2022 inflation surge. In 2022 the Russian Federation was cushioned against energy sanctions because of a global rise in oil and gas prices. The rationale for the price cap is to remove that added value so that revenues earned by Russia are restricted and should not rise if world oil and gas prices increase again in the future. In addition, it will complicate maritime oil shipments for Russia and further restrict the amount of oil Russia can sell and ship to customers, further reducing revenue. The 2022 Russian crude oil cap would be enforced by a maritime attestation that Russian crude was purchased below a certain set price, irrespective of market conditions.