The US admitted that the price ceiling for Russian oil will be lowered

The G7 and EU countries have approved a price ceiling for Russianoil at $60 per barrel in December 2022. According to Pyatt, the G7 is currently discussing lowering the ceiling. Moscow considers sanctions illegal

The G7 countries ( usa , UK , Germany , Italy , CANADA , France and Japan ) are discussing the possibility of lowering the price ceiling for Russian oil, set at $60 per barrel. US Assistant Secretary of State for Energy Resources Geoffrey Pyatt stated this at a briefing for foreign journalists.

“The short answer is yes,” he said, answering a question from TASS .

The US and its price-control coalition partners are “committed to working to deprive Russia” of energy revenues, the official said.

The G7 countries, the EU, Switzerland and Australia have approved a price ceiling for Russian oil in December 2022. Companies from these countries were prohibited from providing transport, insurance and financial services for Russian oil if it is sold at a price above the established limit of $60 per barrel. A similar measure affected petroleum products: the maximum price for diesel fuel was $100, for fuel oil - $45.

In December 2023, the United States tightened control over compliance with the price ceiling and imposed sanctions on tankers suspected of transporting Russian oil at a price above the limit. President Vladimir Putin responded by issuing a decree banning supplies to foreign citizens and companies if the contracts “directly or indirectly provide for the use of a price cap mechanism.”

The Russian authorities also reoriented the EXPORT of oil and petroleum products to new markets. According to Deputy Prime Minister Alexander Novak, in 2023, friendly countries accounted for more than 80% of supplies. In total, the Deputy Prime Minister reported, oil exports from RUSSIA in 2023 amounted to 234.3 million tons, which is 3.3% less than a year earlier.

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