G7 “very close” to set Russian oil price cap

A senior official in the Group of Seven of the world’s largest economies said on Thursday that the group’s countries are “very close” to agreeing on a cap for the price of Russian seaborne oil at $60 a barrel, with an adjustment mechanism to keep the ceiling 5% below the market price.

According to Reuters, the official told reporters that the agreement should be finalized in the coming days or on Monday at the latest, and expressed confidence that the price cap would limit Russia’s ability to fight its war against Ukraine.

The official stated that G7 officials were in close contact with the markets regarding the price ceiling, and appeared to be “very comfortable” with the mechanism aimed at limiting Russian oil revenues while maintaining adequate supplies for the global market.