G7 countries to soon announce limit prices for Russian oil

The G7 countries should soon announce price caps for Russian oil exports. The coalition is likely to adjust the price cap for oil shipped from Russia several times a year, according to a US Treasury official.

On December 5, the G7, as well as the United States, the EU and Australia will impose an upper limit on Russian oil exports by sea as part of the sanctions.

The Treasury official told reporters that the European Union is consulting with members about the price cap. The official expresses hope for a speedy completion of consultations and the announcement of prices for Russian oil by the coalition.

According to a source familiar with the discussion, the decision on price cap levels may be made after the meeting of the EU ambassadors either on Wednesday or on Thursday.

As said by the US official, the coalition does not plan to adjust the level of the price cap on a weekly or monthly basis. Most likely, price adjustments will be made quarterly or bi-annually to provide certainty to the marketplace.