G7 countries and Australia agreed to set a price ceiling for Russian oil products

The US Treasury reported that the G7 countries and Australia agreed to set a price ceiling for Russian oil products that are transported by sea.

A ministry statement on Friday indicated that there would be two different price ceilings for petroleum products, depending on their types. The ceiling for products priced above the price of crude oil, such as diesel and gasoline, will be set at $100 per barrel, and for products sold at a price below the price of crude oil, such as diesel, the ceiling will be at $45 per barrel.

Notably, the price ceiling will go into effect on February 5 and will not include items shipped before February 5.

US Treasury Secretary Janet Yellen signed an executive order that the price cap would come into effect from 00:01 on February 5, US Eastern Standard Time.

The European Union previously agreed on a ceiling similar to the prices for Russian oil products.

This is happening as part of Western sanctions against Russia for its military operation in Ukraine.

Source: TASS

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