The Group of Seven nations and the European Union member states have agreed to impose a cap of $100 per barrel on sales of Russian diesel to third countries as part of an effort to limit Moscow’s revenues.
The price cap mechanism is tied to an E.U. ban on seaborne imports of Russian refined fuels that kicks in Sunday. The G-7 said in a statement Friday that it and the E.U. agreed to a $100 a barrel level for petroleum products that trade at a premium to crude oil, including diesel. They also backed a cap of $45 for those that sell at a discount, such as fuel oil and some types of naphtha.
The coalition also agreed to delay a review of the $60 price cap for Russian crude oil until March. It will then begin regular two-month reviews of all the cap levels, according to people familiar with the discussions, who asked not to be identified. Setting the prices requires unanimous agreement among the E.U., as well as signoff from the Group of Seven.
