G7 Considers Reducing Russia’s Oil Price Cap ...Middle East

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G7 Considers Reducing Russia’s Oil Price Cap
source : OILPRICE ( Middle East ) () 70
G7 and the UK are discussing a reduction of the price cap they imposed on Russian oil exports in a bid to hurt the country’s oil revenues. The cap has become “meaningless” in the current international oil price context, The Guardian reported, citing unnamed experts. The G7 imposed the cap back in 2022, tying it to Western insurance and tankers. If Russian oil exporters wanted to have such insurance and transport their crude on Western tankers, they had to agree not to sell the crude at prices above $60 per barrel. Yet Trump’s…

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