France Calls For Return Of Sanctioned Iranian, Venezuelan Oil To Markets

France has called for the return of sanctions-hit Iranian and Venezuelan crude to world markets to reduce the impact of declining Russian supplies on rising energy prices.

As Group of Seven (G7) leaders are discussing the viability of a price limit on Russian oil on the second day of their meeting at Schloss Elmau in the Bavarian Alps on Monday, a French presidency official said that France wants a planned mechanism to cap the price of oil to be as broad as possible and not be limited to Russian output.

While the leaders adopted a declaration pledging to support Ukrainian President Volodymyr Zelenskiy and his government “for as long as it takes,” Zelenskiy told G7 leaders that the conditions were not right to negotiate with Russia and wanted to be in a position of strength before began any negotiations.

On Sunday, France announced that G7 leaders will discuss the prospect of reviving the Iran nuclear talks after the European Union's foreign policy chief met senior officials in Tehran.

Discussions took place on Sunday at a dinner between the G7 leaders with more detailed talks scheduled for Tuesday morning between France, Britain, Germany and the United States.

The three European powers are parties to the nuclear deal, which then-US President Donald Trump pulled out of in 2018.

The pact appeared close to being revived in March after 11 months of talks, when the process came to a halt. Tehran insisted that Washington remove the Revolutionary Guard (IRGC) from the US Foreign Terrorist Organization list. Iran's indirect talks with the United States will resume soon in Qatar.