G7 following the EU agreed on price ceilings for oil products from the Russian Federation at the level of $100 and $45
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The G7 countries and Australia announced a consensus on the introduction of price ceilings for Russian oil products. For products traded at a premium to oil, it will be set at $100 per barrel. For oil products, which are sold at a discount to raw materials, at the level of $45. Shortly before that, the European Union announced the agreement on price ceilings.
The G7 includes the UK, Germany, Italy, Canada, the US, France and Japan. The group had previously formed a coalition together with the European Union and Australia to limit prices for oil and oil products from the Russian Federation.
“Today’s announcement is the culmination of months of our coalition’s efforts, and I applaud our partners’ hard work in achieving this result,” Treasury Secretary Janet Yellen said in a statement.
The news is being added.
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