Australia and G7 countries have agreed on a price hike for Russian oil. Britain has already issued a corresponding ban.
The G7 and Australia on Thursday, November 3, tentatively agreed to set a maximum fixed price for Russian oil by the end of the month. Reuters reported this, citing its own sources.
It is noted that representatives of the United States and G7 countries have been intensively negotiating in recent weeks to set a ceiling on the price of offshore oil supplies from Russia. This is to ensure that EU and US sanctions aimed at limiting Moscow’s ability to finance its aggression in Ukraine do not shut down the global oil market.
“The coalition agreed that the cap would be a fixed price that would be reviewed regularly, rather than a discount to the indexed price (the price tied to a specific oil index). to market participants, ” Reuters quoted a source.
The initial marginal price for oil from Russia has not yet been agreed upon and will be set in the coming weeks, the agency’s source added. It was noted that a regular review mechanism would stabilize the market if necessary and would not allow the Russian Federation to manipulate prices.
Meanwhile, the UK government, which is part of the G7, has announced a ban on the transportation of Russian oil, unless it is purchased at a price below the price imposed by the G7 Price Cap Coalition and Australia.
It will be remembered that in September, the G7 countries agreed to limit the sale of Russian oil at a price above a certain limit from December 5.
Russia may bypass oil price caps – Reuters
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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.