DALY SEES 'NO URGENCY TO ADJUST THE POLICY RATE'

MNI BRIEF: Fed’s Collins Sees Rate Cuts Later Than Had Thought

MNI BRIEF: China March M2 Slows More Than Expected

MNI BRIEF: China Tightens Stock Market Supervision

MNI BRIEF: China Mar Exports Jump On Demand; Imports Improve

MNI: PBOC Sets Yuan Parity Lower At 7.0967 Fri; -4.87% Y/Y

MNI: BAKER HUGHES US RIG COUNT 617; OIL RIGS 506; GAS RIGS 109

March Home Sales Jumped At End Of Month

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

US Officials to Pitch Russian Oil Tariff to the EU

OIL

US Treasury Officials plan to propose to European countries a tariff on Russian oil as a faster alternative to an outright ban. The EU bill to ban Russian oil has failed so far to find unanimous support and is unable to pass until that is found.

  • The tariff is designed to keep Russian oil on the market but limit the amount of revenue that can head to Russia from exports. The idea will be pitched at the G7 finance meeting in Brussels later this week.
  • A tariff could be set at a level that would both capture part of that gap and reduce Russia's profits according to a US Treasury Official. Russia would still need to earn above its production costs to incentive it to still export.
  • The tariff is also hoped to ensure prices remain stable by keeping Russian oil on the market. It is feared a ban could cause prices to soar.
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.