Possibility of Lowering Price Cap on Russian Oil Not Ruled Out in the U.S.

The G7 countries are discussing the possibility of lowering the price cap on Russian oil, which has been set at $60 per barrel since December 2022. This was reported by TASS, citing U.S. Assistant Secretary of State for Energy Resources Geoffrey Pyatt.

Pyatt stated, "The short answer is yes." He added that the U.S., along with its coalition partners who are engaged in price restrictions, is inclined to "deprive" Russia of revenue from the sale of energy resources.

The price cap on Russian oil, set at $60 per barrel, has been in effect since December 2022. Countries that have joined this embargo prohibit logistics and foreign companies from transporting Russian crude if it is supplied at prices above the established limit. In case of violation, insurance, freight forwarding, and credit organizations will be banned from servicing these transactions. Additionally, individuals and companies may face sanctions.

EU countries have also capped the prices of Russian oil products. The limit for diesel fuel is set at $100, while the cap for discounted products, including heating oil, is $45.