G7 agrees to review level of price cap on Russian oil in March: US Treasury

Group of Seven officials have agreed to review the level of the price cap on exports of Russian oil in March, US Treasury Deputy Secretary Wally Adeyemo said on Friday.

The G7 economies, the European Union and Australia agreed on Dec. 5 to ban the use of Western-supplied maritime insurance, finance and brokering for sea-borne Russian oil priced above $60 per barrel as part of Western sanctions on Moscow for its invasion of Ukraine. The coalition plans on Feb. 5 to set two caps on Russian oil products, one on products that trade at a premium to crude, such as diesel or gas oil, and one for products that trade at a discount to crude, such as fuel oil.

Oil prices fall over $1/bbl on Russian oil price cap talks

"The Deputies agreed that this approach will better calibrate the price cap policy for refined products, given the wide range of market prices at which these products trade," Treasury said after US Deputy Treasury Secretary Wally Adeyemo met virtually with coalition officials on Friday.

Russian oil at $60 a barrel as part of Western sanctions for Moscow's invasion of Ukraine. The officials also agreed to two distinct caps on Russian oil products.