The fighting is still raging on this 273rd day of war in Ukraine. But the conflict is not just happening on the ground. Geopolitical and economic sanctions are also a lever against the invasion of the country by Vladimir Putin’s troops on February 24.
The coalition of states wishing to impose a cap on the price of Russian oil, which includes the G7, the European Union and Australia, is expected to announce the proposed limit “in the next few days“, according to a Treasury official, the US Department of Finance.
The objective is to arrive at a maximum price for Russian hydrocarbons that can be put in place before the entry into force of new European sanctions, planned from December 5.
This new series of sanctions provides in particular for prohibiting insurers and reinsurers from covering the maritime transport of Russian oil, European operators to be exempted in the event of an agreement if the oil is sold at a price lower than or equal to the pre-established ceiling.
However, questions remain unanswered for the time being as to the mechanism allowing the maximum sale price of Russian oil to be set, as well as the way in which this ceiling would be updated, according to variations in market prices.