and the coalition will probably adjust the level a few times a year rather than monthly, a senior US Treasury official said on Tuesday.
The G-7 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. The coalition worried that a floating price pegged below an oil benchmark might enable Russian President Vladimir Putin to easily game the mechanism by reducing supply, from Russia, one of the world’s largest oil exporters.
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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