Senior Official-G7 Aims To Have Russia Oil Price Cap In Place By 5 Dec

Wires reporting comments from an unnamed senior G7 official stating that the group of industrialised nations aims to have a cap on Russian oil prices in place by 5 December.

• It is on 5 December that the EU embargo on importing Russian crude oil by sea comes in to force, with the ban on seaborne petroleum products coming in from 5 February 2023.
• Earlier today, the FT reported that: "The Biden administration has bolstered efforts to sign big oil importers on to a plan to cap prices they offer for Russian crude, concerned that without it the world faces a damaging surge in fuel costs. Negotiations are under way between the US and China, India and other countries that have been buying up discounted oil from Russia [...] US officials said."
• The 5 Dec action includes a ban on insurance and other services for ships carrying Russian oil. FT reports that, "The result could be a decline in Russian oil deliveries if it cannot find enough ships willing to sail without coverage. US officials have warned other countries that the expected drop in exports could leave oil markets short and send prices spiralling higher, harming consumers while offsetting any financial pain in Moscow."