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Russian Oil Price Cap Will Stay At $60/bbl: EU

OIL

The European Commission told member states that the $60/bbl price cap on Russian oil is proving effective and will remain unchanged for now according to people familiar with the matter.

  • The EC told diplomats from the EU’s 27 member states this week that there is no willingness among most G7 countries to lower the threshold at this time, according to people familiar with the matter.
  • A report by the IEA, which formed the basis of a review into the cap, found that the mechanism had met its goals of reducing Moscow’s revenues and keeping global oil prices from spiking.

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