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G7 to announce price limit for Russian oil on November 23

Nov 19, 2022

The G7 countries intend to announce the level at which they will set the price ceiling for Russian oil on November 23. This was reported by Bloomberg, citing sources.


The administration of US President Joe Biden is expected to privately announce the proposed price on the eve of a meeting of European Union ambassadors scheduled for November 23.

If EU ambassadors support the proposal, the plan is to announce the cap that same evening, the sources say.

The restriction, which is backed by the G7 and the EU, would ban companies from providing shipping services, as well as services such as insurance, brokerage and financial assistance needed to transport Russian oil anywhere in the world unless the oil is sold below an agreed level.

The plan to cap crude oil prices for Russia is due to take effect after December 5, but the U.S. and U.K. said their companies would be given a grace period to unload their cargoes until January 19 to account for supplies that were loaded before the plan took effect.

Author - Serhii Kolomiets, 19/11/2022

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