G7 scraps review of Russian oil price cap – Reuters  ...News

Western allies initially agreed to make regular adjustments to the $60-a-barrel ceiling to keep Moscow’s revenues down   The Group of Seven (G7) leading economies and its allies have stopped carrying out regular reviews of the price cap on Russian oil, even though it is now trading well above the ceiling, Reuters reported on Wednesday citing sources familiar with the matter.    The price limit on Russian seaborne crude of $60 per barrel was introduced by the EU, G7 countries, and Australia on December 5. It bans Western firms from providing insurance and other services to shipments of Russian crude, unless the ca

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