G7 and Australia agree on ceiling price for Russian oil - Reuters
"The G7" and Australia on Thursday tentatively agreed to set a ceiling fixed price for Russian oil at the end of November.
According to Censor.NЕТ, with reference to "European truth", Reuters received this information from its own sources.
Representatives of the U.S. and G7 countries have been engaged in intense negotiations in recent weeks to set a price ceiling on maritime oil shipments from Russia. This would ensure that EU and US sanctions aimed at limiting Moscow's ability to finance its invasion of Ukraine do not shut down the global oil market.
"The coalition has agreed that the ceiling will be a fixed price that will be reviewed regularly, rather than a discount relative to an indexed price (a price linked to a specific oil index). This will increase market stability and simplify compliance to minimize the burden on market participants," Reuters quoted the source as saying.
The initial ceiling price for oil from Russia has not yet been agreed and will be set in the coming weeks, the source adds. A regular review mechanism will stabilize the market if necessary and will not allow Russia to manipulate prices.
It should be recalled that G7 leaders agreed on the principle of price caps at the June summit, but since then negotiations have continued on the details of the implementation of such a scheme. In October, the restriction of oil prices was enshrined in the package of sanctions of the European Union.
The restrictions will apply to Russian oil and oil products supplied by sea. If oil is purchased at a higher price than the established one, its maritime transportation will be prohibited.
