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Russian Oil Price Cap Lacks Details at Present

OIL

More work is required before implementing a Russian oil price cap according to EU officials today.

  • The EU agreed to pursue a price cap along with G7 nations as part of its eight sanctions package approved this week.
  • Details of the package are yet to be agreed - including the actual pricing mechanism.
  • The price cap mechanism has also not garnered support from Russia’s three biggest crude buyers, China, India and Turkey.

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