G7, “extremely close” to agreement on Russian oil price limit of $60 = senior official | Reuters

On 1 December, senior officials from the Group of Seven (G7) countries agreed to cap the price of Russian oil at $60 a barrel, with the G7 agreeing to set up a mechanism to keep prices 5% below market prices . was “extremely close” to (Reuters/Tatiana Meel)

NEW YORK (Reuters) – Group of Seven (G7) officials said on Wednesday they would set a price cap for Russian oil at $60 a barrel, with a mechanism to keep it 5% below market prices. The G7 said it was “very close” to a deal.

A senior official told reporters that a deal could be completed by Friday at the latest, and expressed confidence that the price cap would limit Russia’s ability to finance its invasion of Ukraine.

G7 officials said they have been in close dialogue with the market about the price cap and that the market appears comfortable with the cap mechanism.

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