The Wall Street Journal learned about the plans of the G7 not to change the price ceiling for oil from the Russian Federation
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G7 countries intend to leave the cap on the cost of oil from Russia at $60 per barrel, sources say The Wall Street Journal. The European Commission notified the EU countries about the position of the association.
According to the newspaper, US President Joe Biden told European Commission President Ursula von der Leyen during a meeting in Washington that his administration has no desire to adjust the ceiling. The US National Security Council declined to comment.
Assistant Treasury Secretary Ben Harris previously reported that the ceiling could be reduced by $5. By information Bloomberg, Poland, Lithuania and Latvia advocated lowering the oil price ceiling by nearly $10 to $51.45 per barrel. Estonia earlier in March called for lowering the ceiling to $30 a barrel. The United States motivated the setting of the limit at $60 per barrel by the fact that Russian fuel should continue to flow to world markets.
The oil price ceiling was introduced by the countries of the Western coalition – the G7, the EU and Australia. It began to operate on December 5, 2022. From February 5, there is also a restriction on the cost of petroleum products. The coalition prohibits its companies from providing services to third countries for the transportation of Russian oil and transportation insurance at a price higher than the established limits. In response, Russian President Vladimir Putin banned the supply of oil and petroleum products under the price ceiling without his personal permission.
Read more about the discussion on adjusting the price ceiling – in the material “Kommersant” “Russian oil is asked to bend down”.
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