On June 26, local time, the Elysee Palace, the French presidential palace, said that France agreed in principle with the proposal of the United States to “set a ceiling on Russian oil prices” at the G7 leaders summit, but in addition Even more powerful is a price cap on oil prices for all oil-producing countries in response to the surge in oil prices caused by the Russia-Ukraine crisis. The Elysee Palace also added that this would require renewed consultations with OPEC (Organization of the Petroleum Exporting Countries) and other oil producers in the world.

In addition, the Elysee Palace also pointed out that the main purpose of the summit of the G7 leaders is to try to set a ceiling on oil and natural gas prices to avoid the serious impact of sanctions on Russia on the global economy.