The G7 agreed on price ceilings for oil products from the Russian Federation at the level of $100 and $45
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The G7 countries and Australia announced a consensus on the introduction of price ceilings for Russian oil products. For production that trades at a premium to oil, it will be set at $100 per barrel. For oil products, which are sold at a discount to raw materials, it is at the level of $45, reports Bloomberg. Shortly before that, the European Union announced the agreement on price ceilings.
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Price ceiling
The G7 includes Great Britain, Germany, Italy, Canada, the USA, France and Japan. The group previously formed a coalition with the European Union and Australia to limit the prices of oil and oil products from the Russian Federation.
“Today’s announcement is the culmination of months of efforts by our coalition, and I applaud the hard work of our partners in achieving this result,” US Treasury Secretary Janet Yellen said in a statement.
According to the US Ministry of Finance, the restriction will lead to the entry of Russian oil into world markets at a discount. At the same time, it should protect against supply interruptions. The coalition believes that sanctions will benefit low- and middle-income countries.
Read also: Estonia will offer the EU to lower the price ceiling for Russian oil when it works
Price ceilings for petroleum products from the Russian Federation will be introduced from February 5 “or shortly after that date.” An exception is introduced for production that was loaded onto ships before February 5.
From December 5, 2022, the coalition introduced a price ceiling for Russian oil in the amount of $60 per barrel.
Source: Ministry of Finance
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