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Little Sign of Russian Oil Price Cap Change by G7

OIL

The G7 price cap on Russian oil is unlikely to face any revision from $60/bbl this week according to Bloomberg sources.

  • The G7 previously agreed to review the price level in mid-March, and EU legislation stipulates that the aim should be to keep the threshold at 5% below average market rates.
  • Poland and the Baltic nations have been pushing to lower the price cap to at least $49 to place additional pressure Russia’s finances.
  • EU ambassadors were told on Sunday that G7 discussions showed no signs of changes, two people familiar with the negotiations said to Bloomberg.

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