G7 To Review Russian Oil Price Cap Level In March

The G7 Price Cap Coalition Deputies agreed to undertake a review of the price cap level on Russian crude in March, later than previously planned, to be able to consider developments in global markets after the refined products caps are implemented, Deputy Secretary of the Treasury Wally Adeyemo said.

• The Deputies also agreed to an approach for refined products that will implement two price caps, one cap for products that generally trade at a premium to crude, such as diesel or gasoil, and one for products that trade at a discount to crude, such as fuel oil.
• The Deputies agreed that to introduce two caps as this will better calibrate the price cap policy for refined products, given the wide range of market prices at which these products trade.
• "It's more complicated, but we've been working hard to figure out how to achieve the same objectives," as with the broader cap on Russian crude, Treasury Secretary Janet Yellen said.