BRUSSELS - The European Union agreed to put a price cap on Russian oil at US$60 a barrel, paving the way for a wider Group of Seven deal, according to a Polish diplomat.
There is also a plan to make sure any resetting of the cap should leave it at least 5 per cent below average market rates.Diplomats have been trying to find a level that is attractive enough to Moscow so that it keeps selling. If it is above the market rate – as it now is – Russia and its buyers can argue it’s simply business as usual. Foreign Minister Sergei Lavrov indicated on Thursday the price cap level was irrelevant.
Russia has said it will not sell to anyone signing up to the price cap. But as the G-7 is mostly stopping Russian imports, the cap is aimed at buyers like India, China and Turkey. Those countries have not signed up, but that does not stop them buying oil below the cap and accessing the crucial shipping services.
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