Group of Seven nations are aiming to design two price caps for Russian refined petroleum products to account for those that trade at higher prices than crude, as well as those that sell at a discount, according to an official.
As part of an effort to sanction Russia for its invasion of Ukraine, the European Union is set to ban the import of refined Russian products on Feb. 5 and to impose price caps on exports to third countries, which would in particular affect diesel, naphtha and fuel oil. The exact mechanisms and the price levels are still being negotiated among G-7 nations and the EU.
