23 November 2022 | Other

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.



Company MarketCheese
Period: 11.07.2025 Expectation: 920 pips
GBPUSD falls as UK GDP unexpectedly shrinks
11 July 2025 30
Brent sell
Period: 17.07.2025 Expectation: 150 pips
OPEC's gloomy forecast drags Brent crude prices lower
11 July 2025 49
Period: 17.07.2025 Expectation: 26000 pips
Institutional investor demand could push ETHUSD to 3,000
10 July 2025 65
Period: 16.07.2025 Expectation: 2000 pips
USDJPY prepares to retest 148 Level
10 July 2025 54
Period: 16.07.2025 Expectation: 900 pips
NVIDIA shares rise amid global AI infrastructure investments
09 July 2025 88
Period: 15.07.2025 Expectation: 800 pips
Breaking downtrend could push USDCAD to 1.375
09 July 2025 58
Go to forecasts