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G7 Prepares to Back Price Cap on Russian Oil


The G7 countries are preparing to announce an agreement to implement a price cap on purchases of Russian oil.

  • After G7 support is confirmed, they will have to convince EU members to amend their sixth round of sanctions on Russia. The EU sanctions include a ban on third party use of EU oil related insurance and financial services companies. The price cap would be effective in line with the EU’s embargoes on Russian oil imports of Dec 5 for crude and Feb 5 for refined products.
  • For the cap to be most effective it would require the support of third countries such as India. Since March India have significantly increased crude imports from Russia to take advantage of the discounted price. Russia have stated that they will not sell oil to any nations who implement a price cap so India may not be in a hurry to agree to the cap.

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