G7 nations agree to review March's Russian oil price peak, US Treasury Secretary says

The development comes after the G7 economies, as well as the European Union (EU) and Australia agreed to ban Western-provided marine insurance, brokerage and financing of seaborne Russian crude  on December 5 last year. US Treasury Undersecretary Wally Adeyemo discussed progress on Russian oil price caps in a virtual meeting with  G7 deputy ministers. till date. 

According to the US Treasury Department, the decision has been made“Identifying Additional Steps to Finalize the Policy of Maximum Prices for Russian Refined Products”. "The meeting underscored the consensus among members of the price cap coalition to hold Russia accountable for these historic policies," the US Treasury Department added.

According to the US Treasury Department,  price caps on Russian refined products were triggered by the Russian invasion of Ukraine on  February 24, 2022, dubbed  the "Russian Federation Special Military Operation". 

Meanwhile, following the virtual meeting between the leading price cap coalition, it was collectively acknowledged that the caps are effective "to achieve the price cap coalition's dual objectives of capping Russia's oil export revenues  and stabilizing supplies." Global Energy , the US declared the Treasury Department. In addition, MEPs agreed to place two additional "separate caps" on top of the crude oil price cap. 

One cap will apply to products that are generally traded at a premium to crude oil, such as diesel or petrol.Meanwhile, another cap would be placed on products trading at a discount to crude oil, such as oil. B. heating oil, the US Treasury Department said after the meeting. a wide range of market prices at which these products trade,” the US Treasury Department said in a press release. Meanwhile, the coalition  agreed to hold a review of the crude oil price cap in March  following the introduction of caps on refined products.