G7 countries do not plan to revise Russian oil price ceiling – Kommersant

Russian oil continues to trade on the world market above the $60 per barrel limit, but the G7 countries have not reconsidered changes in Russian oil price limits, despite plans to set a price limit every two months, the agency said. Reuters with reference to sources. The price ceiling has not been reviewed since March 2023.

According to the agency, it is difficult to control compliance with the price ceiling due to the fact that Russian exporters sell oil without the services of Western carriers and insurers. Thus, setting a price limit is complicated by the fact that the companies involved in the trade are outside the jurisdiction of the West.

“In June or July, there were some talks about a revision, or at least talk about it, but officially it never happened,” the source told Reuters. According to agency sources, the G7 countries do not plan to discuss the issue of installing a ceiling in the near future.

According to Reuters, despite the lack of initiatives from the United States and G7 member countries, some EU countries are in favor of revising the marginal price of oil and fuel. Which EU countries are in question is not specified. In addition, Reuters sources say that this issue will be discussed at the UN General Assembly (September 20-26).

In December 2022, the EU, G7 and Australia set a price ceiling for Russian oil at $60 per barrel. Since July 2023, Russian oil has been trading above the established limit. By data Ministry of Finance, on average, a barrel of Urals oil in August cost $74. Compared to July ($64.4), the price increased immediately by $9.6.

Polina Motyzlevskaya