Reuters learned that the G7 does not plan to change the price ceiling for Russian oil

The G7 countries have decided not to revise the price ceiling for Russianoil at $60 a barrel, although some countries in the EU have come up with such an initiative, REUTERS learned

The G7 countries (Great Britain , Germany , Italy , CANADA , France , Japan and the United States ) do not plan to revise the price ceiling for Russian oil at $60 per barrel, which came into force in December, in the near future, Reuters reports citing sources.

The agency recalls that initially the EU countries agreed to review the price ceiling every two months, while the G7 countries were ready to adjust it if necessary. However, they have not revised the price ceiling since March, and the G7 currently has no price adjustment plans, four people familiar with the matter told Reuters.

“In June or July, there were talks about a review [of the Russian oil price ceiling], or at least talk about it, but officially this never happened,” one of the diplomatic sources said. According to Reuters, although some EU countries were interested in revising the ceiling, the US and other members of the G7 opposed it.

The G7 countries, the European Union, Switzerland and Australia imposed a price ceiling on Russian oil last year. The stated purpose of this measure was to try to cut Russia's revenues and its ability to finance military action in Ukraine . The US authorities said that the introduced limit would also support the functioning of the oil market. The ceiling prohibits companies from the G7 and the EU from providing transportation, insurance and financial services for Russian oil and oil products if they are sold at a price above the established limit of $60 per barrel.

In response , RUSSIA refused to supply its oil to countries that joined the price ceiling. In March, Deputy Prime Minister Alexander Novak said that most of the supply of Russian energy resources in 2022 was redirected to friendly countries. According to him, deliveries to CHINA and other markets have increased, while exports to India have increased 22 times.

The average price for Russian Urals oil in August was $74 per barrel, the Ministry of Finance reported . Over a period of eight months in 2023, the average price of Urals turned out to be below the Western limit, $56.58 per barrel, and less than in January-August 2022 ($82.13). In August last year, the average price of Urals, according to the ministry, was $74.73 per barrel.

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Against the background of market restructuring, Russia's oil and gas revenues fell sharply - by 47% yoy (according to July data). To remedy the situation, the Russian authorities began to gradually reduce the discount on oil for tax purposes back in early 2023. They provided for a gradual reduction in the discount from $34 per barrel in April to $25 per barrel in July.