Revising Russian Oil Price Ceiling: G7 Countries Take Action this Month

Assistant Secretary of the Treasury Elizabeth Rosenberg announced that the G7 countries plan to revise the price caps they have set on Russian oil this month.

Rosenberg said on Tuesday during an international energy conference in Houston, USA: “All I can say is that the G7 countries are planning to revise the price ceiling in March of this year.”

The US official declined to comment on whether Washington hopes that lower Russian oil prices will affect Moscow’s stance on Ukraine.

Rosenberg also did not answer the question of whether the US sees an imbalance between supply and demand in the oil market after the introduction of the price ceiling.

It is noteworthy that against the backdrop of the Russian military operation in Ukraine, the G7 countries, the European Union and Australia set a price ceiling for Russian oil from December 5 last year, as well as maximum price limits for Russian oil derivatives from December 5. February 5th.

This ceiling is designed to limit Russia’s oil revenues.

At the end of last year, Russian President Vladimir Putin banned the supply of Russian oil and petroleum products to foreign parties that directly or indirectly adhere to the price ceiling set by Western countries.

Source: News

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