G-7 agrees to historic $60 a barrel cap on Russian oil to limit war revenues

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The Group of Seven nations' much-anticipated price cap on Russian oil will be set at $60 per barrel, the Treasury Department announced Friday, days before the ambitious and novel strategy to punish Russia for the war in Ukraine takes effect.

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Agreeing to a price was a final step in the monthslong process of negotiations between participants over the cap mechanism, which was developed to cut off Russian President Vladimir Putin's war funding from the petroleum trade without taking oil supply off the market at the risk of sending global markets into a tailspin. Russia is a top-three producer and exporter of oil globally.

"With the price cap, we're creating clear incentives for key actors in the global oil market — Russia, oil-importing countries, and market participants — to maintain the flow of Russian oil but at a discounted price," a senior administration official told reporters Friday. "G-7 services will be on offer to these countries going forward for the purchase of Russian seaborne oil as long as it's set below a certain price, helping these economies gain access to cheap, affordable energy going forward," the official said.

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So, the people who are already not buying their oil are putting “caps” on prices? Bravo.

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Western allies move to cap the price of Russian oil at $60 a barrelAfter months of lobbying by the United States and days of fraught negotiations, Ukraine’s allies are closer to implementing a plan to cap the price of Russian oil starting next week. That’s basically bullying 🤔
Source: washingtonpost - 🏆 15. / 72 Read more »

EU Backs Russian Oil Price Cap of $60 Per BarrelThe European Union reached a deal on a $60 a barrel cap on the price of Russian oil Friday, paving the way for the Group of Seven advanced democracies to launch the unprecedented mechanism on Monday, diplomats said. Moscow has clearly stated it will not sell oil to price cap countries lol I will stop selling to unfriendly countries?! What will happen? Now the only thing left is for Russia to say agree to the price cap. 😆 I don't understand... The EU, the West, are basically at war w/ Russia, sanctioned them to ruin their economy... Didn't work. Now it's 'sell us oil at the price we set' Weird world, weird war.
Source: WSJ - 🏆 98. / 63 Read more »

G-7 joins EU on $60-per-barrel price cap on Russian oilWASHINGTON (AP) — The Group of Seven nations and Australia agreed Friday to adopt a $60-per-barrel price cap on Russian oil, acting shortly after the European Union reached unanimous agreement on the same price earlier in the day. Will India and China follow along? Will we the West buy Russian oil from India? It should be $30 G7 + 1 is 8 innit?
Source: AP - 🏆 728. / 51 Read more »

EU edges closer to $60-per-barrel Russian oil price capBRUSSELS (AP) — The European Union was edging closer to setting a $60-per-barrel price cap on Russian oil — a highly anticipated and complex political and economic maneuver designed to keep Russia's supplies flowing into global markets while clamping down on President Vladimir Putin's ability to fund his war in Ukraine . I don't really understand this. Is there an easy alternative to Russian oil? If so, why aren't they using it? Also, what if Russia (Putin) won't deliver at a price he won't accept? EU ready for that? It's strange. EU is effectively at war with Putin with both price bargaining. Good luck. This is extremely foolish. Russia doesn't need Europe. European oil purchases contribute to only 20% of Russia's exports. Europe will destroy itself with this price cap.
Source: AP - 🏆 728. / 51 Read more »

European Union officials set Russian oil price cap at $60 a barrelThe European Union on Friday agreed to cap Russian oil prices at $60 a barrel, after several days of intense negotiations over an appropriate level. How about they find alternatives to Putin’s oil. Russia should be isolated as much as possible. Unfortunately for them, there are plenty of buyers that are willing to pay more than that. Well, i guess they will buy Russian oil and gas through a third country with a much higher price 😂. I guess they gotta please those people in charge of them. lol
Source: CNBC - 🏆 12. / 72 Read more »