US says G7 should soon unveil price cap level on Russian oil – by fx_ross Oil WTI Politics
Reuters reported that the Group of Seven nations should soon announce the price cap on Russian oil exports and the coalition will probably adjust the level a few times a year rather than monthly, a senior US Treasury official said on Tuesday.The G7, including the United States, along with the EU and Australia are slated to implement the price cap on sea-borne exports of Russian oil on Dec. 5, as part of sanctions intended to punish Moscow for its invasion of Ukraine.
The coalition has agreed to set a fixed price on Russian oil rather than a floating rate, discounted to an oilThe coalition worried that a floating price pegged below an oil benchmark might enable Russian President Vladimir Putin to easily game the mechanism by reducing supply, from Russia. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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