G7 countries currently have little interest in revising a price cap on Russian oil, despite indications that the sale price of crude is well below the $60 threshold, Bloomberg reported on Monday, citing sources familiar with the matter
WASHINGTON (Pakistan Point News / Sputnik - 20th March, 2023) G7 countries currently have little interest in revising a price cap on Russian oil, despite indications that the sale price of crude is well below the $60 threshold, Bloomberg reported on Monday, citing sources familiar with the matter.
The European Commission informed EU member states as such over the weekend, the report said, while talks between the EC and the G7 on the matter will likely continue. The G7 had agreed to review the price cap in mid-March.
An International Energy Agency report last week showed that some Russian crude oil and petroleum products were selling under the threshold last month.
EU countries have sought to keep Russian oil flowing while curbing revenues in order to limit Russia's financing of the conflict in Ukraine. Currently, companies in the EU and G7 are only permitted to provide certain services for transporting Russian oil to third countries if it was purchased within the price threshold.
