G7 does not plan to make changes to the price cap mechanism for oil from the Russian Federation
The G7 countries and their allies refused to regularly review the mechanism for limiting prices for Russian oil. This was reported by sources to Reuters.
According to them, despite the fact that some EU countries were in favor of the revision, the US and other members of the G7 show no interest in this. Initially, the EU agreed to review the price ceiling every two months.
The mechanism allows you to buy Russian oil at a discount, provided that the price does not exceed $60 per barrel. However, the Russian Urals is now trading above the ceiling due to a rally in oil prices.
At the same time, Russia found ways to circumvent the restrictions by exporting oil through intermediaries outside the West. According to the RF Ministry of Finance, Urals averaged $74 per barrel in August.
Recall that on December 5, the EU imposed an embargo on offshore oil supplies from the Russian Federation, and the G7 and the Australian authorities set a ceiling of $60 per barrel. Since February, similar restrictions have affected oil products ($100 and $45 per barrel).