United States, Allies Agree on Parameters of Russian Oil Price Cap: Reports
13:46 GMT 04.11.2022 (Updated: 13:51 GMT 19.12.2022)
MOSCOW (Sputnik) - The United States and its allies have reached an agreement on the conditions when the price cap will apply to oil from Russia, American newspaper reported on Friday, citing sources.
According to the report, the price cap will be applied only to initial sales to buyers on the land of seaborne Russian oil loads, which means that further resales would not fall under the rules. Intermediary sales of Russian oil at sea will also fall under the cap, however Russian oil that has been refined into petroleum products will not be capped.
3 November 2022, 21:59 GMT
Earlier in the day, according to US media, the member nations of the Group of Seven (G7) nations and Australia have agreed to set a fixed instead of a floating price for Russian oil upon concluding the price cap deal later in November, while the initial price has not yet been set.