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G-7 Set to Hold Off Revising Russian Oil Price Cap This Week

  • IEA data showed Russian crude selling well below $60 threshold
  • EU aims to keep limit at 5% below average market rates
Updated on

Group of Seven nations are unlikely to revise a price cap on Russian oil this week, despite initial evidence that crude is selling well below the current $60 threshold.

European Union member states were informed over the weekend by the bloc’s executive branch that there is little interest among the G-7 — in charge of setting and changing the price cap — to modify price levels at this stage, according to people familiar with the matter. Talks between the European Commission and the G-7 will likely continue beyond a summit of EU leaders taking place in Brussels this week, two of the people added.