The U.S. has confirmed that the G7 countries will set a price limit for Russian oil by December

Kostia Andreikovets

The USA, Canada, Great Britain, Japan, Germany, Italy and France plan to set a limit price for oil from Russia by December 5.

The U.S. Deputy Treasury Secretary Wally Adeyemo stated this in an interview with Yahoo Finance.

"We are going to set a price ceiling by December 5, the date of entry into force of the sixth European package, which will be implemented by the United States and our G7 allies," he noted.

From December 5, an embargo on Russian oil delivered by sea will come into effect in the EU. The restrictions should reduce Russiaʼs profits from the export of oil products. This should reduce the financing of the war against Ukraine.

  • During the G7 summit, the United States and its allies discussed ways to reduce the price of Russian oil on the world market. They want to see it at the level of $40-60 per barrel, which will seriously affect Russian revenues.
  • Against the background of the war, the USA and the EU gave up Russian fuel, but in stages. The EU allocated half a year to abandon oil, and up to eight months to abandon petroleum products. Oil deliveries via pipelines have not been sanctioned.