The announcement states that the ceiling is set at $45 per barrel for low-refined products, such as fuel oil, and at $100 per barrel for more expensive, higher-quality products, such as diesel.
G7 countries and Australia announced tonight that they had agreed to put a cap on Russian oil products, hours after the European Union reached a similar deal.
The announcement states that the ceiling is set at $45 per barrel for low-refined products, such as fuel oil, and at $100 per barrel for more expensive, higher-quality products, such as diesel.
In early December, the EU agreed to cap Russian crude oil at $60 a barrel.
The goal of these caps on behalf of the G7 (USA, Canada, Japan, Germany, Britain, France, Italy) is to limit the revenues that Russia can use to continue the war in Ukraine, not to “crash” the Russian economy, a senior US Treasury official told reporters.
Britain’s finance ministry reminded that London has already banned the import of Russian oil products and therefore will not need to apply this ceiling.
RES-EMP
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