Thursday, September 21, 2023

G7 coalition agrees US$60/barrel price cap for Russian crude oil

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Market Desk (business): The Group of Seven (G7) nations and Australia on Friday said they had agreed US$ 60 per barrel price cap on Russian seaborne crude oil after EU members overcame resistance from Poland and hammered out a political agreement earlier in the day.

The EU agreed the price after holdout Poland gave its support, paving the way for formal approval over the weekend. The G7 and Australia said in a joint statement that new price set for Russian marine oil will come into effect on December 5. Countries assume that this revision of Russian fuel prices will not include transactions that ended at the old price before the change.

The statement of the G7 alliance said that more effective steps will be taken by the alliance in the future to implement the price reduction.

The G7 originally offered to buy Russian marine crude oil at low prices. However, Poland opposes the price proposed by the G7. Poland, Lithuania and Estonia allege that buying oil at the proposed price would ensure Russia has enough money to cover the costs of the war in Ukraine.

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