An official in the Group of Seven announced that it will “keep the price of a barrel of Russian oil transported by sea at $60 a barrel, despite the rise in global crude prices and calls by some countries to reduce the price ceiling to limit Moscow’s revenues.”
“The G7 and Australia made a decision to maintain the price ceiling over the past few weeks after a review of the $60 price, which was set in December, with the aim of limiting Moscow’s ability to finance its war in Ukraine,” said the official, who requested anonymity.
He added that G7 officials had concluded that the price ceiling works to reduce Russian revenues while maintaining energy market stability, but said they would continue to coordinate to ensure effective monitoring and implementation.
This comes after a four-week rise in oil prices, supported by the production cut announced by the “OPEC +” group, which includes the Organization of the Petroleum Exporting Countries “OPEC” and allies led by Russia, as well as the recovery of Chinese consumption.
Brent and West Texas Intermediate crude futures hovered above $80 a barrel on Monday.
The price ceiling prohibits companies in the Group of Seven and the European Union from providing transportation, insurance and financing services for Russian oil and petroleum products if they are sold in excess of the ceiling.
The United States and Britain also imposed restrictions on Russian oil imports.
