US Official: G7 still working on precise mechanism to implement price cap on Russian oil
|With the G7 Summit underway, a US official said on Monday that the G7 is close to setting a global price cap for Russian oil.
Additional comments
“To issue coordinated steps tomorrow to raise pressure on Russia.”
“Targeting services for transporting Russian oil is a 'promising avenue'.”
“US will impose higher tariffs on Russian goods worth about $2.3 billion.”
Meanwhile, Javier Blas, Energy and commodities columnist at Bloomberg, tweeted out, “from what I hear from officials on the ground, the G7 is **not** going to agree on an oil price cap at this meeting, but it will agree **this a direction it wants to push forward**, and will seek further talks to non-G7 nations to see if it can be put into practice.”
Market reaction
WTI is defending minor gains around $106.50, having hit daily highs at $107.24 earlier in the day.
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