G7 will maintain its price cap on Russian crude oil at $60 per barrel, Reuters has reported, citing an official from the group, which partnered with the European Union on the cap. The decision comes despite rising oil prices that have narrowed the discount between Brent and Russian crude, bringing it closer to the cap, and also despite calls from some EU members and Ukraine for a lower cap. The price caps, agreed upon last year and coordinated with an EU Russian oil and product import embargo, have prompted various reactions. According to its authors,…
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