The G7 nations and Australia have said in a joint statement on Friday that they have agreed on a maximum price of $100 for Russian premium-to-crude products and $45 for discount-to-crude products
WASHINGTON (Pakistan Point News / Sputnik - 04th February, 2023) The G7 nations and Australia have said in a joint statement on Friday that they have agreed on a maximum price of $100 for Russian premium-to-crude products and $45 for discount-to-crude products.
"On 4 February 2023, members of the Price Cap Coalition reached consensus on the maximum prices for seaborne Russian-origin petroleum products," the statement said. "The maximum price for premium-to-crude products will be 100 U.S. Dollars per barrel and the maximum price for discount-to-crude products will be 45 U.S. dollars per barrel."
The countries added in the statement that the agreed price caps will be implemented on Sunday or soon after.
"The price caps on petroleum products will be implemented across our jurisdictions on 5 February 2023 or very soon thereafter," the statement said. "Our respective regimes are expected to include time-limited exceptions for transactions involving petroleum products that are loaded onto a vessel at the port of loading prior to 5 February 2023."
