On Nov.3, the G7 and Australia tentatively agreed to set a maximum fixed price for Russian oil at the end of November, Reuters reported.
"The coalition agreed that the cap would be a fixed price that would be reviewed regularly, rather than a discount to the indexed price (a price tied to a specific oil index). This would increase market stability and simplify compliance to minimize the burden on market participants." , Reuters reports.
The initial limit price for oil from Russia has not yet been agreed upon and will be set in the coming weeks, the interlocutor of the agency adds.
A regular review mechanism will stabilize the market if necessary and prevent the Russian Federation from manipulating prices.
The restrictions will apply to Russian oil and oil products delivered by sea. If oil is purchased at a higher price than the set price, the service of its sea transportation will be prohibited.
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