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G-7, EU Set $100 Price Cap on Russian Diesel as Import Ban Looms

  • Bloc supports $45 cap for other fuels, including some naphtha
  • Price caps aim to keep markets supplied and cut Moscow revenue
Bloomberg business news
EU Import Ban on Russian Oil Products Starts Sunday
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The Group of Seven nations and the European Union member states have agreed to impose a cap of $100 per barrel on sales of Russian diesel to third countries as part of an effort to limit Moscow’s revenues. 

The price cap mechanism is tied to an EU ban on seaborne imports of Russian refined fuels that kicks in Sunday. The G-7 said in a statement Friday that it and the EU agreed to a $100 a barrel level for petroleum products that trade at a premium to crude oil, including diesel. They also backed a cap of $45 for those that sell at a discount, such as fuel oil and some types of naphtha.