The details of the price ceiling plan for Russian oil will be finalized in 2 days

According to Fars International Economic Group, quoted by Reuters, the finance ministers of seven industrialized countries agreed on Friday to impose a price ceiling on Russian oil in order to reduce Moscow’s oil revenues over the war in Ukraine and to prevent further increases in oil prices. committed It has been decided not to sell its oil to countries that apply this ceiling.

These ministers, after the virtual meeting, to form cartel Buyers agreed. However, they said, the main details, including the ceiling per barrel, will be determined later based on technical inputs that will be agreed upon by the implementing countries.

“Today, we approved our joint policy plan to finalize and implement a comprehensive ban on services that would enable the worldwide shipping of Russian crude oil and petroleum products,” the ministers said.

According to the statement, Western countries’ marine transportation services, including insurance and financing, are allowed for Russian crude oil shipments if they are purchased at or below the specified price ceiling.

The plan will be finalized by September 5, when new EU sanctions ban Russian oil imports begin, G7 ministers announced.

Kremlin It has announced that it will stop selling oil to countries implementing the price ceiling, and this will destabilize the oil market.

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