G-7 Floats Higher Price Cap on Russian Diesel as EU Mulls Level
- EU is considering $100 cap while G-7 suggests range up to $110
- Officials want to avoid price spikes or supply disruptions
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The Group of Seven has signaled that it’s comfortable with the European Union setting a price cap for exports of Russian diesel between $100 and $110 per barrel as the US and its allies try to avoid a major disruption in the market, according to a G-7 official.
An EU ban on importing processed petroleum products from Russia is set to take effect on Feb. 5, and the bloc is working with the G-7 to impose a price cap level for third-country sales. The European Commission, its executive arm, has proposed a cap level of $100.