The international Group of Seven industrialized countries agreed on 3 February on a price cap for refined Russian oil exports, VOA reports.
US Treasury Secretary Janet Yellen said in a statement that the agreement follows a similar price cap on crude Russian oil exports set in December and “helps advance our goals of limiting Russia’s key revenue generator in funding its illegal war” in Ukraine. Officials say the cap is at two levels — $100 per barrel for Russian diesel and other fuels that sell for more than crude, and $45 per barrel for Russian oil products that sell for less than the price of crude, such as fuel oil.
The European Union plans to cap the price of Russian fuel at $100 a barrel – Bloomberg
The cap would apply to products like diesel that trade at a premium to crude. A lower $45 threshold would also be set for fuel oil, according to Bloomberg.https://t.co/5b7ryP9Oc8
— Euromaidan Press (@EuromaidanPress) January 26, 2023
The price caps come as a European Union ban on Russian oil product imports is set to go into force on 5 February.
The US and its allies agreed to introduce two price caps for Russian oil products
US, Allies Prepare Fresh Sanctions on Russian Oil Industry
Treasury officials are in Europe this week discussing price caps that go into effect next monthhttps://t.co/xJkuXFguhH
— Euromaidan Press (@EuromaidanPress) January 12, 2023