G7 agree to price cap for refined Russian oil

Latest news Ukraine

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 price caps come as a European Union ban on Russian oil product imports is set to go into force on 5 February.

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The US and its allies agreed to introduce two price caps for Russian oil products


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