The G7 nations are exploring the possibility of raising the price cap on Russian oil, which is currently set at $60 per barrel, according to Bloomberg.
The discussions also include the option of imposing a ban on Russian oil supplies or reducing the cap from $60 to approximately $40 per barrel.
Bloomberg sources report that talks are ongoing, and no final decision has been made yet.
Under the current cap, Western companies can insure and transport Russian oil only if it is sold for less than the set price.
While considering these measures, G7 countries are also weighing the potential economic consequences and other factors, such as maritime security.
The price cap was first introduced by the G7 at the end of 2022.
In response, Russia established a “shadow fleet” to bypass Western restrictions and continue selling oil at market prices.
Recently, the European Union imposed its 15th round of sanctions on Russia, targeting this fleet. The latest sanctions include 52 ships from third-party countries, bringing the total number of sanctioned vessels to 79.
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