The Biden administration will report the proposed price to EU ambassadors on November 23, and if they agree, it will be announced that evening.
The G7 countries will set the price ceiling for Russian oil on Wednesday, November 23rd. On Friday, November 18, Bloomberg news agency reported, citing its sources.
The media reported that the Biden administration will privately announce the proposed price before a meeting of European Union ambassadors scheduled for next Wednesday.
If EU ambassadors support this proposal, the restriction will be announced on the same night.
The allies have already discussed setting an upper limit between $40 and $60 a barrel, a range that ranges from the cost of production in Russia to pre-war levels.
The purpose of the restriction is to keep Russian oil on the market, as well as to prevent price increases, and in parallel to reduce Moscow’s profits.
As you know, the G7 countries and Australia have temporarily agreed to set a maximum fixed price for Russian oil at the end of November. Russia has increased oil deliveries to a record high in an attempt to make more money before the sanctions are fully implemented.
It should be noted that world prices for oil of reference grades fell sharply on the last working day of the week.
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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.