The G7 will also impose a price cap on Russian oil products – diesel, kerosene and fuel oil – to further reduce Moscow’s energy export earnings.
The G7 will try to set two price caps for Russian oil products in February: one price for oil products with a premium on crude, and one for those trading at a discount. This was reported by Reuters.
From February 5, when the EU sanctions to ban the import of Russian oil products will come into effect, the G7 will also reportedly impose price limits on Russian oil products – diesel, kerosene and heating oil – to further reduce Moscow’s energy export revenues and its ability to finance the war..
It is noted that limiting the price of Russian oil products is more difficult than setting a price limit for crude oil alone, because the price of many oil products often depends on where they are bought, and not on where they were made.
Diesel and kerosene tend to trade above crude oil, while heating oil usually sells at a discount, which is why the G7 is looking at two price caps, the source said.
It was previously reported that Kuwait plans to increase diesel fuel exports to Europe.
The price of Russian oil fell below $38 – media
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Source: korrespondent
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