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G7 agrees to review level of price cap on Russian oil in March: US Treasury

Published Sat, Jan 21, 2023 · 07:14 AM
    • The G7 economies, the EU and Australia are capping sea-borne exports of Russian oil at US$60 a barrel as part of Western sanctions for Moscow’s invasion of Ukraine.
    • The G7 economies, the EU and Australia are capping sea-borne exports of Russian oil at US$60 a barrel as part of Western sanctions for Moscow’s invasion of Ukraine. PHOTO: REUTERS

    GROUP of Seven officials have agreed to review the level of the price cap on exports of Russian oil in March, US Treasury deputy secretary Wally Adeyemo said on Friday (Jan 20).

    The G7 economies, the EU and Australia agreed in December to cap sea-borne exports of Russian oil at US$60 a barrel as part of Western sanctions for Moscow’s invasion of Ukraine.

    The officials also agreed to two distinct caps on Russian oil products. REUTERS

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