Reuters: G7 countries will keep the current price limit on Russian oil

The G7 countries and Australia decided to maintain the price limit for Russian oil. It will remain at the level of $60 per barrel.

Reuters writes about this with reference to sources.

According to the interlocutors of the agency, the representatives of the coalition came to the conclusion that the price limitation works both to limit Russian incomes and to preserve the stability of the energy market.

The G7 also plans to provide service providers with guidelines that will prevent Russia from circumventing sanctions. This is about manipulating the tracking of vessels or hiding the costs of shipping, freight, customs and insurance separately from the oil itself.

Recently, the International Energy Agency stated that the price cap achieved its goals of reducing Russiaʼs income and did not cause a sharp rise in oil prices in the world.

• On February 4, the Council of the European Union officially approved price restrictions on oil products exported or originating from the Russian Federation. The marginal price of discounted Russian petroleum products (such as fuel oil) is currently $45 per barrel, and $100 for premium products such as diesel. These are the maximum prices at which oil products from the Russian Federation can be transported by sea to third countries. They came into effect on February 5, 2023.
• On March 15, Estonia, Lithuania and Poland proposed lowering the limit from $60 per barrel to $51.45. They claim it will be 5% below the market price.
• The publication Bloomberg, citing its own sources, wrote that the European Union does not plan to change the price limit for Russian oil.