G7 coalition has agreed to set fixed price for Russian oil: source
(VOVWORLD) - The Group of Seven rich nations and Australia have agreed to set a fixed price when they finalize a price cap on Russian oil later this month, rather than adopting a floating rate, sources said on Thursday.
 Flags are pictured during the first working session of G-7 foreign ministers in Muenster, Germany, November 3, 2022. (Photo: REUTERS) |
U.S. officials and G7 countries have been in intense negotiations in recent weeks over the unprecedented plan to put a price cap on sea-borne oil shipments, which is scheduled to take effect on December 5 - to ensure EU and US sanctions aimed at Moscow do not throttle the global oil market.
The initial price itself has not been set, but should be in coming weeks, multiple sources said. Coalition partners agreed to regularly review the fixed price and revise it as needed, the source said, without disclosing further details.