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Russia Considers Response to Price Cap

OIL

Russia is considering its options in response to the G7 price cap including banning oil sales to some countries and setting maximum discounts at which it would sell its crude according to Vedomosti daily.

  • The Kremlin has said they will not sell oil to countries supporting the price cap. It may also include a ban on sales via intermediaries.
  • Another option under consideration would prohibit exports under contracts that include the price ceiling condition.
  • A further option would set maximum discounts of Russia's Urals crude to international benchmarks, Vedomosti reported.
  • Bloomberg reported that Russia was also considering setting a price floor for its international oil sales.
  • TankerTrackers said via twitter that Russian seaborne crude exports have halved in the past 48 hours.

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