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Treasury Off-US To Decide Oil Price Cap Implementation In Days/Weeks

US-RUSSIA

Reuters reporting comments from an unnamed senior US Treasury official speaking on the Russia oil price cap. Earlier today G7 finance ministers announced an agreement on imposing such a cap.

  • Official: Russia will have three oil price caps, one for crude and two for refined products.
  • Official: The US will detail how it will implement a price cap within the US in the coming days and weeks.
  • Official: The price cap will incorporate mitigation procedures to protect oil-consuming countries.
  • Official: Europe must decide whether to impose a price cap on Russian natural gas, the US will support any decision.
  • Official: If Russia abandons the price-cap coalition, it will have to rely on more expensive non-Western services to export oil.
It has already been acknowledged that for the EU to approve the cap, unanimity will be required among its 27 member states. While most are in favour, there are concerns that nations such as Hungary could scupper the plan by vetoing any cap.
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