The G7 countries, despite the agreement to change the price ceiling in March, have not yet reached a consensus.
The G7 countries are not ready to renegotiate the price cap on Russian oil this week, despite oil selling below the current $60 threshold. Bloomberg reported this, citing sources, on Monday, March 20.
EU member states have been informed by the bloc’s executive branch that the G7, which is responsible for setting and changing the price cap, has little interest in changing price levels at this stage. Negotiations between the European Commission and the G7 may continue after the summit of EU leaders, which will be held this week in Brussels.
The G7 previously agreed to change the price level by mid-March, and EU law stipulates that the target should be to keep the threshold at 5% below average market rates.
A report from the International Energy Agency last week showed that Russian oil and petroleum products were trading below their peak prices in February.
Russia’s weighted average oil export price is $52.48 per barrel, excluding shipping and insurance costs.
According to the IEA, Urals oil, Russia’s main export blend, traded at $45.27 on the Black Sea market, while blends such as ESPO, Sakhalin and Sokol, destined for Asia, traded more than the upper limit.
Poland and the Baltic states have pushed for a lower price limit of at least $49 to put further pressure on Russian finances. However, EU ambassadors were told on Sunday that discussions at the G7 showed no change.
The commission told diplomats that discussions would continue, including after a summit of EU leaders.
As previously reported, unidentified tankers are carrying oil in the Gulf of Finland after the G7 imposed a price ceiling on Russian oil, and the EU and UK imposed a ban on maritime imports of crude oil by Russia.
Let’s add that in Estonia they proposed to reduce Russia’s ability to export crude oil by sea.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.