The G7 Is Ready To Unveil Its Plan To Cap The Price Of Russian Oil

According to the Wall Street Journal, citing unnamed sources familiar with the matter, G7 finance ministers will unveil the price cap plan and commit to its implementation during a meeting on Friday. The plan is likely to include a ban on financing and insurance by G7 nations for Russian oil shipments that are not sold within the bounds of the price cap, the WSJ reports. While the price cap plan aims to eliminate the Kremlin’s ability to raise more oil revenue to use its war coffers against Ukraine, it has not been without serious criticism. On Wednesday, Treasury Secretary Janet Yellen said she was “optimistic” that the G7 would reach an agreement to curb prices. Yellen also met with UK Finance Minister Nadhim Zahawi, who offered British support for the plan but also noted that to be more effective, the plan would require more countries to participate. The initial idea was formulated in June, with a deadline for implementation in December. Earlier, a G7 member had said the price ceiling for Russian oil would be set at a point above the cost of production, according to AFP. This is intended to ensure that Moscow is not tempted to reject the sales. As Deputy Finance Minister Wally Adeyemo noted in an interview with the WSJ, the point is to “create a licensing structure that allows Russian oil to flow but reduces their revenue.” While Russian crude is now selling at a discount of $20/barrel, it has not worked to curb Moscow’s oil revenues as the West had hoped. Russian oil production continues to beat expectations, with data from the Institute of International Finance (IIF) showing Russian oil exports at their highest level ever for the month of August, in part due to Greek-owned tankers shifting their capacity to Russian oil. By Charles Kennedy for Oilprice.com More top reads from Oilprice.com:

title: “The G7 Is Ready To Unveil Its Plan To Cap The Price Of Russian Oil Klmat” ShowToc: true date: “2022-11-16” author: “Susan Bird”

According to the Wall Street Journal, citing unnamed sources familiar with the matter, G7 finance ministers will unveil the price cap plan and commit to its implementation during a meeting on Friday. The plan is likely to include a ban on financing and insurance by G7 nations for Russian oil shipments that are not sold within the bounds of the price cap, the WSJ reports. While the price cap plan aims to eliminate the Kremlin’s ability to raise more oil revenue to use its war coffers against Ukraine, it has not been without serious criticism. On Wednesday, Treasury Secretary Janet Yellen said she was “optimistic” that the G7 would reach an agreement to curb prices. Yellen also met with UK Finance Minister Nadhim Zahawi, who offered British support for the plan but also noted that to be more effective, the plan would require more countries to participate. The initial idea was formulated in June, with a deadline for implementation in December. Earlier, a G7 member had said the price ceiling for Russian oil would be set at a point above the cost of production, according to AFP. This is intended to ensure that Moscow is not tempted to reject the sales. As Deputy Finance Minister Wally Adeyemo noted in an interview with the WSJ, the point is to “create a licensing structure that allows Russian oil to flow but reduces their revenue.” While Russian crude is now selling at a discount of $20/barrel, it has not worked to curb Moscow’s oil revenues as the West had hoped. Russian oil production continues to beat expectations, with data from the Institute of International Finance (IIF) showing Russian oil exports at their highest level ever for the month of August, in part due to Greek-owned tankers shifting their capacity to Russian oil. By Charles Kennedy for Oilprice.com More top reads from Oilprice.com:

title: “The G7 Is Ready To Unveil Its Plan To Cap The Price Of Russian Oil Klmat” ShowToc: true date: “2022-12-19” author: “Seth Graham”

According to the Wall Street Journal, citing unnamed sources familiar with the matter, G7 finance ministers will unveil the price cap plan and commit to its implementation during a meeting on Friday. The plan is likely to include a ban on financing and insurance by G7 nations for Russian oil shipments that are not sold within the bounds of the price cap, the WSJ reports. While the price cap plan aims to eliminate the Kremlin’s ability to raise more oil revenue to use its war coffers against Ukraine, it has not been without serious criticism. On Wednesday, Treasury Secretary Janet Yellen said she was “optimistic” that the G7 would reach an agreement to curb prices. Yellen also met with UK Finance Minister Nadhim Zahawi, who offered British support for the plan but also noted that to be more effective, the plan would require more countries to participate. The initial idea was formulated in June, with a deadline for implementation in December. Earlier, a G7 member had said the price ceiling for Russian oil would be set at a point above the cost of production, according to AFP. This is intended to ensure that Moscow is not tempted to reject the sales. As Deputy Finance Minister Wally Adeyemo noted in an interview with the WSJ, the point is to “create a licensing structure that allows Russian oil to flow but reduces their revenue.” While Russian crude is now selling at a discount of $20/barrel, it has not worked to curb Moscow’s oil revenues as the West had hoped. Russian oil production continues to beat expectations, with data from the Institute of International Finance (IIF) showing Russian oil exports at their highest level ever for the month of August, in part due to Greek-owned tankers shifting their capacity to Russian oil. By Charles Kennedy for Oilprice.com More top reads from Oilprice.com:

title: “The G7 Is Ready To Unveil Its Plan To Cap The Price Of Russian Oil Klmat” ShowToc: true date: “2022-12-01” author: “Latoya Carol”

According to the Wall Street Journal, citing unnamed sources familiar with the matter, G7 finance ministers will unveil the price cap plan and commit to its implementation during a meeting on Friday. The plan is likely to include a ban on financing and insurance by G7 nations for Russian oil shipments that are not sold within the bounds of the price cap, the WSJ reports. While the price cap plan aims to eliminate the Kremlin’s ability to raise more oil revenue to use its war coffers against Ukraine, it has not been without serious criticism. On Wednesday, Treasury Secretary Janet Yellen said she was “optimistic” that the G7 would reach an agreement to curb prices. Yellen also met with UK Finance Minister Nadhim Zahawi, who offered British support for the plan but also noted that to be more effective, the plan would require more countries to participate. The initial idea was formulated in June, with a deadline for implementation in December. Earlier, a G7 member had said the price ceiling for Russian oil would be set at a point above the cost of production, according to AFP. This is intended to ensure that Moscow is not tempted to reject the sales. As Deputy Finance Minister Wally Adeyemo noted in an interview with the WSJ, the point is to “create a licensing structure that allows Russian oil to flow but reduces their revenue.” While Russian crude is now selling at a discount of $20/barrel, it has not worked to curb Moscow’s oil revenues as the West had hoped. Russian oil production continues to beat expectations, with data from the Institute of International Finance (IIF) showing Russian oil exports at their highest level ever for the month of August, in part due to Greek-owned tankers shifting their capacity to Russian oil. By Charles Kennedy for Oilprice.com More top reads from Oilprice.com: