Group of Seven Nations are not likely to revise a price cap on Russian oil this week, two European Union officials and one official from a coalition member told Reuters on Monday.
put in place in December, but the officials said EU countries' ambassadors were told by the European Commission over the weekend there is no appetite among the G7 for an imminent review.
The cap on Russian seaborne crude exports was set at $60 per barrel, a level designed to sit below the market price and therefore curb the revenue Moscow can receive from selling oil, while keeping it flowing to avoid a global supply shock. Brent crude oil was trading at around $73 per barrel on Monday. The G7 stance shared with EU countries was firstThe G7 measure bans companies from providing transportation, insurance and financing services for Russian crude oil and oil products if they are sold at a price above the cap.
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