WASHINGTON : Group of Seven democracies have had positive and productive discussions with China and India about a plan to cap the price of Russian oil, a source familiar with the G7 discussions said on Tuesday, adding the two major oil consumers would have incentives to comply.
Russian crude has been selling at heavy discounts of $30 to $40 per barrel compared to benchmark Brent crude prices of $110 to $120 per barrel due to Western sanctions on Moscow over its invasion of Ukraine. With the European Union preparing to impose a phased embargo on Russian oil later this year, U.S. Treasury Secretary Janet Yellen has advocated the cap as a way to cut Russia's oil revenues while keeping supplies on the market and avoiding another major price spike that could prompt a recession.
Western sanctions still allow many countries to buy Russian crude, and India and China have increased their purchases at steep discounts. The source said the two countries would be able to buy Russian crude at even lower prices under the plan, calling it an attractive pitch to Beijing and New Delhi.
G7? I see 8! One must be a beggar! Bore-us-to-tears?
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