Bloomberg: G7 countries will announce the level of the price ceiling for Russian oil on November 23
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The G7 countries are planning to announce on November 23 at what level the price ceiling for Russian oil will be set, transmits Bloomberg citing sources.
The agency’s interlocutors note that the administration of US President Joe Biden will privately announce the proposed price ahead of the meeting of European Union ambassadors scheduled for November 23. If the EU ambassadors support the proposal, the plan is to announce the restriction later that evening, but the timeline remains uncertain.
Representatives of the countries discussed setting the price ceiling for Russian oil between $40 and $60 per barrel, but the offer could be higher. “The purpose of the restriction is to keep Russian oil on the market to avoid price spikes, while at the same time reducing Moscow’s revenues,” one of the sources said.
The EU price ceiling for crude oil will come into force on December 5, 2022, and for petroleum products on February 5, 2023. The European Commission noted that this measure was developed in “close coordination” with the G7 countries (UK, Germany, Italy, USA, Canada , France, Japan). The parties are discussing a ceiling at $60 per barrel, US Treasury Secretary Janet Yellen said. Later, Bloomberg reported that the US authorities would reconsider the conditions for introducing a price ceiling for Russian oil in the direction of softening. There is no decision yet on limiting the price of gas from Russia.
Speaking at the forumRussian Energy Week» On October 12, Russian President Vladimir Putin again stressed that energy supplies to those countries that approve the price ceiling would be cut off. Before that, he repeatedly said that the introduction of restrictions would lead to an increase in energy prices. During the Eastern Economic Forum (EEF), Putin said that the idea of imposing a price ceiling on energy resources is “nonsense and nonsense.”
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