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G7 Expected to Keep Russian Crude 60$/bbl Price Cap


The G7 will keep a 60$/bbl price cap on seaborne Russian oil, a coalition official said according to Reuters.

  • The cap is likely to be maintained despite rising global crude prices and calls by some countries for a lower price cap to restrict Moscow's revenues.
  • Under the original G7 agreement which came into effect on 5 Dec the price cap will be reviewed every two months. The G7 previously kept the level unchanged after a review in March, and EU legislation stipulates that the aim should be to keep the threshold at 5% below average market rates.

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