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G7 to hold off revising Russian oil price cap this week - EU officials
(Reuters, 20 Mar 2023) Group of Seven Nations are not likely to revise a price cap on Russian oil this week, two European Union officials and one official from a coalition member told Reuters on Monday.
The G7 was due in mid-March to revise the price cap put in place in December, but the officials said EU countries' ambassadors were told by the European Commission over the weekend there is no appetite among the G7 for an imminent review.
Some EU countries including Poland have sought to lower the G7 price cap level to further restrict the revenue Moscow can use to fund its war in Ukraine.
The cap on Russian seaborne crude exports was set at $60 per barrel, a level designed to sit below the market price and therefore curb the revenue Moscow can receive from selling oil, while keeping it flowing to avoid a global supply shock.
"We have always reserved the right to support future changes to the price cap levels to meet our dual goals, should market and economic conditions warrant," an official from a coalition member country said on condition of anonymity.
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Reuters, 20 Mar 2023: G7 to hold off revising Russian oil price cap this week - EU officials
