Wednesday, November 29, 2023
HomeBusiness NewsG-7 agrees to review level of price cap on Russian oil in...

G-7 agrees to review level of price cap on Russian oil in March: U.S. Treasury

[ad_1]

The G-7, the EU and Australia implemented on Dec. 5 a cap on Russian oil prices.

Bloomberg | Bloomberg | Getty Images

Group of Seven officials have agreed to review the level of the price cap on exports of Russian oil in March, later than originally planned in order to give time to assess the market after more caps are placed on oil products from Russia, the U.S. Treasury said on Friday.

The G-7 economies, the European Union and Australia agreed on Dec. 5 to ban the use of Western-supplied maritime insurance, finance and brokering for sea-borne Russian oil priced above $60 per barrel as part of Western sanctions on Moscow for its invasion of Ukraine.

The coalition plans on Feb. 5 to set two caps on Russian oil products, one on products that trade at a premium to crude, such as diesel or gas oil, and one for products that trade at a discount to crude, such as fuel oil.

“The Deputies agreed that this approach will better calibrate the price cap policy for refined products, given the wide range of market prices at which these products trade,” Treasury said after U.S. Deputy Treasury Secretary Wally Adeyemo met virtually with coalition officials on Friday.

The coalition had initially planned to review the level of the cap sometime in February, two months after its implementation.

The oil price cap will hurt Russian revenues, says S&P Global's Dan Yergin

Treasury officials have said the oil price cap has two goals: cutting Russia’s revenues by institutionalizing heavy discounts on its oil bought by big consumers like China and India, and ensuring global oil markets are well supplied.

See also  Maximize Profitability with Automated Bookkeeping: Tips for SMEs

“As long as the price cap continues to meet the Coalition’s dual goals, the Deputies agreed to undertake a review of the level of the crude price cap in March,” Treasury said.

The March date allows the coalition to assess developments in global markets after the implementation of the refined products caps, and to be briefed on an EU technical review of the crude price cap, it said.

[ad_2]

Source link

James Thomas
James Thomashttps://businessadvise.org
Hello, I am James Thomas blogger and content creator who specializes in personal finance and investing at Business Advise. I have been writing for over 5 years and have built a large following of readers who value practical advice and actionable tips. I'm committed to helping people take control of their financial futures and achieve their goals.

Most Popular

asia788dewata88Asia788 Maxwinasia788asia788DEWATA88dewata88linetogeltogelupprotogeltogelonjon4dbri4dwinstar4dneon4dangsa4ddesa4dklik4dcici4dkuy4dbni4dkenangan4doyo4dmiya4dasia788asia788kita99dewata88dewata88dewata88dewata88dewata88dewata88dewata88dewata88dewata88dewata88dewata88dewata88dewata88dewata88key4ddragon4dpalu4dzara4dollo4dvisa4ddipo4dbingo4dambon4drasa4dwasiat4dneng4dpragmatic4dmenara4dgaruda4ddaya4dtata4daksara4dprada4dkingdom4droma4ddangdut4dtarget4darta4dvava4dyes4dtag4dloyal4dpola4dbajaj4dsisil4dpermen4dsenopati4dpapua4dpascol4dvenus4deropa4dkuat4dpedia4dks4dkekar4dlampung4dacong4dfantastic4dsega4doplet4dsuara4dpaitohk4dangkanet4dbetwin4datm4dlebah4dlima4dlipat4dibu4dtoto4dbarong4datas4diron4dbandit4dsemangat4dhut4dkoibet4dkebaya4daha4dmentos4dyolo4deak4dkelas4dtotal4dmamen4dvia4dhigh4djanda4ddewata88gacor7777asia788virgoBotuna4DBotuna4Dasia788asia788kita99kita99kita99asia788kita99Botuna4Dkita99kita99spaceman Virgobet88VIRGOBET88LOTRE4DASIA788ziptogelkita99virgobet88kita99kita99murah4dbukti4ddhx4dtante4dsbclive4dcalon4dmaya4dmedan4dstadium4dsekar4dtunas4dkumbang4dto4dtebar4dbocah4dneko4daxiata4dbibit4dkebaya 4doplet4dtoto 4dmaria togelbentengtogeltogel ccpt togelasiatogel88master togeldultogelindotogelzia togelspace togeldota togelkepri togeljeboltogeldagotogelpartaitogelpintu togeltoto88bola88kaisar888idcash88usaha188matahari88royal188garuda888mega288grandbet88prada188cocol88taktik88ovo88playbook88indolottery88tambang888lumbung88wayang88ugbet88oyo88gelora188ligaplay88sarang188probet88davo88mevius88gacor88nusantara88area188untung88v88totoorion88shio88subur88cipit88jago88soju88masterslot88dota88menangbet88pandora188megaslot88ajudan88sikat88situstogel88happybet188betwin188glowin88topslot88betslot88lineslot88olb88juragan88jingga88cukong88dewagame88visa288beton888ingatbola88liga788berlian888qq88asia988betdoremi88nona88bejo88spinhoki88cuan88kingbet188rajatoto88fixbet88suhu88mainslot88wslot888bintangbet88bintang88halo88planet88jpslot88gading88poka88arya88batara88bso88petir388autospin88ole388ciputra88tektok77kita99kita99kita99kita99kita99kita99kita99kita99kita99kita99kita99kita99tektok77virgobet88kita99virgobet88dewataslot88dewata888dewa888wukong138wukong138dewaslot88wukong138balislotkapalslotKAPALSLOTkapalslotkapalslottigerslot4dVirgobet88pohon4dpohon4dpohon4dpohon4dAsia788Asia788Asia788kikislotkikislotkikislotkikislotSLOTUP88slotup88slotup88slotup88asia788bigo4ddewata88bigo4dbigo4dbigo4dasia788asia788dewata88dewata88dewata88dewata88dewata88dewata88dewata88dewata88dewata88dewata88danaslot77game slot maxwinjudi online slot gacorbukit4dbukit4dbukit4dbukit4dbukit4dvirgobet88