NEW YORK (Archyde.com) – Group of Seven (G7) officials said on Wednesday they would set a price cap for Russian oil at $60 a barrel, with a mechanism to keep it 5% below market prices. The G7 said it was “extremely close” to a deal.
A senior official told reporters that a deal is expected to be finalized by Friday at the latest, and expressed confidence that the price cap would limit Russia’s ability to finance its invasion of Ukraine.
G7 officials said they have been in close dialogue with the market about the price cap and that the market seemed comfortable with the cap mechanism.