US Official: G7 still working on precise mechanism to implement price cap on Russian oil

Dhwani Mehta FXStreet

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.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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