MOSCOW (Pakistan Point News / Sputnik - 04th October, 2022) New sanctions by the G7 that should target Russian oil an oil products will be introduced in three phases, media reported on Tuesday, citing US Assistant Secretary of the Treasury for Economic Policy Ben Harris.
Addressing the Argus European Crude Conference in Geneva, the official said that the sanctions due to take effect on December 5 would target crude oil, according to Reuters. Later sanctions will focus on diesel and lower value products such as naphtha.
The decision on the price at which Russian oil will be capped as part of the G7 sanctions has not yet been made, he said, noting that the limit will be high enough to encourage Russia to maintain production, and will be above the marginal production cost of for Russia's most expensive oil well.
