G-7 agrees to review level of price cap on Russian oil in March: U.S. Treasury

Group of Seven officials person agreed to reappraisal the level of the terms headdress connected exports of Russian lipid successful March, aboriginal than primitively planned successful bid to springiness clip to measure the marketplace aft much caps are placed connected lipid products from Russia, the U.S. Treasury said connected Friday.

The G-7 economies, the European Union and Australia agreed connected Dec. 5 to prohibition the usage of Western-supplied maritime insurance, concern and brokering for sea-borne Russian lipid priced supra $60 per tube arsenic portion of Western sanctions connected Moscow for its penetration of Ukraine.

The conjugation plans connected Feb. 5 to acceptable 2 caps connected Russian lipid products, 1 connected products that commercialized astatine a premium to crude, specified arsenic diesel oregon state oil, and 1 for products that commercialized astatine a discount to crude, specified arsenic substance oil.

"The Deputies agreed that this attack volition amended calibrate the terms headdress argumentation for refined products, fixed the wide scope of marketplace prices astatine which these products trade," Treasury said aft U.S. Deputy Treasury Secretary Wally Adeyemo met virtually with conjugation officials connected Friday.

The conjugation had initially planned to reappraisal the level of the headdress sometime successful February, 2 months aft its implementation.

Treasury officials person said the lipid terms headdress has 2 goals: cutting Russia's revenues by institutionalizing dense discounts connected its lipid bought by large consumers similar China and India, and ensuring planetary lipid markets are good supplied.

"As agelong arsenic the terms headdress continues to conscionable the Coalition's dual goals, the Deputies agreed to undertake a reappraisal of the level of the crude terms headdress successful March," Treasury said.

The March day allows the conjugation to measure developments successful planetary markets aft the implementation of the refined products caps, and to beryllium briefed connected an EU method reappraisal of the crude terms cap, it said.