The Group of Seven nations should soon announce the price cap on Russian oil exports and the coalition will probably adjust the level a few times a year rather than monthly, a senior U.S. Treasury official said on Tuesday.
The G7, including the United States, along with the EU and Australia are slated to implement the price cap on sea-borne exports of Russian oil on Dec. 5, as part of sanctions intended to punish Moscow for its invasion of Ukraine.
The Treasury official told reporters the European Union is consulting with members on the price cap. "Our hope is that they will finish that consultation relatively soon and put us in a position where our entire coalition can announce a price," the official said. The G7 price cap would allow companies to provide services including insurance, shipping and financing on Russian oil imports to coalition members, so long as the purchase of that petroleum is under the price cap.spelling out how U.S. companies can provide such services without penalties, provided shipments they serve are purchased below the price cap. The cap is meant to provide a relief valve to Western bans on Russian oil exports.
"We have no reason to expect that they would do that because, ultimately, it's not in their interest," the Treasury official said. As the EU and the United States have put in place bans on Russian energy imports, big buyers including China and India have scooped up Russian oil at discounted prices.
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