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Russia Oil Price Cap Launch Gives G7 Leverage: US Treasury

OIL

Western powers' leverage over Russia has increased with their $60/bl price cap on Russian crude oil, and any adjustments to the limit will consider a range of factors from Russian and global economic conditions to oil markets, a US Treasury official told Reuters.

  • The price cap level on Russia's seaborne oil exports is to be reviewed every two months.
  • "I think the point is that we have all the leverage and all the control now that we've been able to set the ceiling at $60," the official said.
  • "Any adjustments will be in the interest of the G7 and will be in the interest in Ukraine, it will be in the interest of the world economy and will not be in the interest of Russia," the official said.
  • Treasury is "sceptical" that Russia would be able to sell all of its oil exports above the price cap to countries including India and China, the official said.
Energy BulletsCommodities
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