The G7 countries are discussing ways to tighten restrictions on the price of Russian oil to reduce Moscow’s financial ability to wage war against Ukraine. About this informs Bloomberg.
Among the considered options are a de facto ban on providing services for the transportation of Russian oil or lowering the current price threshold from $60 to about $40 per barrel. Below this limit, services will still be available.
Current rules allow Western companies to insure and transport Russian oil only if its price does not exceed the set threshold of $60 per barrel. This limit was implemented to reduce Russia’s income from the sale of oil, while restraining the rise in world prices.
However, against the background of forecasts of a global surplus of oil in 2025 and a decrease in its cost, Ukraine’s allied countries are ready to take more decisive actions. When evaluating possible measures, the G-7 seeks to take into account not only the economic impact of their decisions, but also the risks associated with them. in particular, it is about the issue of safety at sea.
