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Reuters
Reuters
Business
By Timothy Gardner, Daphne Psaledakis and David Lawder

U.S says G7 should soon unveil price cap level on Russian oil, adjust regularly

Oil G7 Russia Group of Seven
FILE PHOTO: A view shows a flare stack at Rosneft's oil stabilisation facility outside the town of Neftegorsk in the Samara Region, Russia September 6, 2022. REUTERS/Alexander Manzyuk/File Photo

The Group of Seven nations should soon announce the price cap on Russian oil exports and the coalition will probably adjust the level a few times a year rather than monthly, a senior U.S. Treasury official said on Tuesday.

The G7, including the United States, along with the EU and Australia are slated to implement the price cap on sea-borne exports of Russian oil on Dec. 5, as part of sanctions intended to punish Moscow for its invasion of Ukraine.

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