16 minutes agoG7 is expected to announce the ceiling price for Russian oil today
Periskopi(4 years ago)
(4 years ago)G7 member states are scheduled to announce a ceiling on the price of Russian crude oil on Wednesday, Politico reports. The idea is American, after the EU made a decision last spring to ban the import of Russian oil, which must enter into force on December 5th (in February the ban [...]
The idea is American, after the EU made a decision last spring to ban the import of Russian oil, which must go into effect on December 5th (in February the ban on imports of derivatives) entering into force.
At first, the US reviewed the option of setting up the top price of around $40, but soon gave up, because there was fear that Russia could then stop supply to world markets, which would cause price hikes.
Recent information said the price could be about $60, corresponding to the level at which the Russian budget is planned. Meanwhile, OPEC+ announced the daily production reduction.
The price limit is targeted as a means to prevent shipping companies and providers from transporting Russian oil that would be sold at a higher price.
The main obstacle to avoiding sanctions is securing cargo and ships, which mostly take place in London, which implements sanctions against Russia.
The G7 member states are Canada, France, Germany, Italy, Great Britain and the US.
