G7 Finance Chiefs Agree On Russian Oil Price Cap But Level Undecided

Sign up now for FREE unlimited access to Reuters.comSign up Sept 2 (Reuters) – The Group of Seven finance ministers agreed on Friday to impose a price cap on Russian oil aimed at reducing revenue for Moscow’s war on Ukraine while keeping crude flowing to avoid price spikes , but their statement left out key details of the plan. Ministers from the club of rich industrialized democracies reaffirmed their commitment to the plan after a virtual meeting. They said, however, that the level of the price ceiling per barrel would be determined later “based on a series of technical data” agreed by the alliance of countries that implement it. “Today we confirm our shared political intent to finalize and implement a comprehensive ban on services that enable the maritime transportation of Russian-origin crude oil and petroleum products worldwide,” the G7 ministers said. Sign up now for FREE unlimited access to Reuters.comSign up The provision of shipping services, including insurance and financing, will only be allowed if Russian oil cargoes are purchased at or below the price level “determined by the broad coalition of countries that observe and implement the price ceiling.” Ministers said they would work to finalize the details, through their own internal processes, with the aim of aligning it with the start of European Union sanctions that will ban Russian oil imports into the bloc from December. The G7 consists of Britain, Canada, France, Germany, Italy, Japan and the United States. The ministers said they would seek a broader coalition of oil-importing countries to buy Russian crude and petroleum products only at or below the price ceiling and invite their input into the plan. Some G7 officials expressed concerns that the price cap would not be successful without the participation of major importers such as China and India, which have sharply increased their purchases of Russian crude since Moscow launched its incursion in February. But others said China and India have expressed interest in buying Russian oil at an even lower price under the cap. Enforcing the cap would rely heavily on denying London-brokered marine insurance, which covers around 95% of the world’s tanker fleet, and financing cargo priced above the cap. But analysts say alternatives can be found to circumvent the cap and market forces could make it ineffective Read more Despite a drop in Russia’s oil export volume, its oil export revenue in June rose by $700 million from May as prices were pushed higher by the war in Ukraine, the International Energy Agency said last month. The G7 finance ministers’ statement follows a decision by their leaders in June to investigate the cap, a move Moscow says it will not abide by and can prevent by sending oil to states that do not obey the price cap. read more

INVOICING PROBLEMS

The US Treasury has raised concerns that the EU embargo could spark a scramble for alternative supplies, pushing global crude prices as high as $140 a barrel, and is pushing for a price cap from May as a way to keep the flow of Russian crude. Russian oil prices rose in anticipation of the EU embargo, with Urals crude trading at a discount of $18 to $25 a barrel to Brent crude, down from $30 to $40 earlier this year. read more Sign up now for FREE unlimited access to Reuters.comSign up Additional reporting by Jan Strupczewski, Matthias Williams, Steve Scherer, William James, Leigh Thomas; edited by Raju Gopalakrishnan and Chizu Nomiyama Our Standards: The Thomson Reuters Trust Principles.

title: “G7 Finance Chiefs Agree On Russian Oil Price Cap But Level Undecided Klmat” ShowToc: true date: “2022-11-16” author: “Kelly Gabbard”

Sign up now for FREE unlimited access to Reuters.comSign up Sept 2 (Reuters) – The Group of Seven finance ministers agreed on Friday to impose a price cap on Russian oil aimed at reducing revenue for Moscow’s war on Ukraine while keeping crude flowing to avoid price spikes , but their statement left out key details of the plan. Ministers from the club of rich industrialized democracies reaffirmed their commitment to the plan after a virtual meeting. They said, however, that the level of the price ceiling per barrel would be determined later “based on a series of technical data” agreed by the alliance of countries that implement it. “Today we confirm our shared political intent to finalize and implement a comprehensive ban on services that enable the maritime transportation of Russian-origin crude oil and petroleum products worldwide,” the G7 ministers said. Sign up now for FREE unlimited access to Reuters.comSign up The provision of shipping services, including insurance and financing, will only be allowed if Russian oil cargoes are purchased at or below the price level “determined by the broad coalition of countries that observe and implement the price ceiling.” Ministers said they would work to finalize the details, through their own internal processes, with the aim of aligning it with the start of European Union sanctions that will ban Russian oil imports into the bloc from December. The G7 consists of Britain, Canada, France, Germany, Italy, Japan and the United States. The ministers said they would seek a broader coalition of oil-importing countries to buy Russian crude and petroleum products only at or below the price ceiling and invite their input into the plan. Some G7 officials expressed concerns that the price cap would not be successful without the participation of major importers such as China and India, which have sharply increased their purchases of Russian crude since Moscow launched its incursion in February. But others said China and India have expressed interest in buying Russian oil at an even lower price under the cap. Enforcing the cap would rely heavily on denying London-brokered marine insurance, which covers around 95% of the world’s tanker fleet, and financing cargo priced above the cap. But analysts say alternatives can be found to circumvent the cap and market forces could make it ineffective Read more Despite a drop in Russia’s oil export volume, its oil export revenue in June rose by $700 million from May as prices were pushed higher by the war in Ukraine, the International Energy Agency said last month. The G7 finance ministers’ statement follows a decision by their leaders in June to investigate the cap, a move Moscow says it will not abide by and can prevent by sending oil to states that do not obey the price cap. read more

INVOICING PROBLEMS

The US Treasury has raised concerns that the EU embargo could spark a scramble for alternative supplies, pushing global crude prices as high as $140 a barrel, and is pushing for a price cap from May as a way to keep the flow of Russian crude. Russian oil prices rose in anticipation of the EU embargo, with Urals crude trading at a discount of $18 to $25 a barrel to Brent crude, down from $30 to $40 earlier this year. read more Sign up now for FREE unlimited access to Reuters.comSign up Additional reporting by Jan Strupczewski, Matthias Williams, Steve Scherer, William James, Leigh Thomas; edited by Raju Gopalakrishnan and Chizu Nomiyama Our Standards: The Thomson Reuters Trust Principles.

title: “G7 Finance Chiefs Agree On Russian Oil Price Cap But Level Undecided Klmat” ShowToc: true date: “2022-12-02” author: “Dawn Rios”

Sign up now for FREE unlimited access to Reuters.comSign up Sept 2 (Reuters) – The Group of Seven finance ministers agreed on Friday to impose a price cap on Russian oil aimed at reducing revenue for Moscow’s war on Ukraine while keeping crude flowing to avoid price spikes , but their statement left out key details of the plan. Ministers from the club of rich industrialized democracies reaffirmed their commitment to the plan after a virtual meeting. They said, however, that the level of the price ceiling per barrel would be determined later “based on a series of technical data” agreed by the alliance of countries that implement it. “Today we confirm our shared political intent to finalize and implement a comprehensive ban on services that enable the maritime transportation of Russian-origin crude oil and petroleum products worldwide,” the G7 ministers said. Sign up now for FREE unlimited access to Reuters.comSign up The provision of shipping services, including insurance and financing, will only be allowed if Russian oil cargoes are purchased at or below the price level “determined by the broad coalition of countries that observe and implement the price ceiling.” Ministers said they would work to finalize the details, through their own internal processes, with the aim of aligning it with the start of European Union sanctions that will ban Russian oil imports into the bloc from December. The G7 consists of Britain, Canada, France, Germany, Italy, Japan and the United States. The ministers said they would seek a broader coalition of oil-importing countries to buy Russian crude and petroleum products only at or below the price ceiling and invite their input into the plan. Some G7 officials expressed concerns that the price cap would not be successful without the participation of major importers such as China and India, which have sharply increased their purchases of Russian crude since Moscow launched its incursion in February. But others said China and India have expressed interest in buying Russian oil at an even lower price under the cap. Enforcing the cap would rely heavily on denying London-brokered marine insurance, which covers around 95% of the world’s tanker fleet, and financing cargo priced above the cap. But analysts say alternatives can be found to circumvent the cap and market forces could make it ineffective Read more Despite a drop in Russia’s oil export volume, its oil export revenue in June rose by $700 million from May as prices were pushed higher by the war in Ukraine, the International Energy Agency said last month. The G7 finance ministers’ statement follows a decision by their leaders in June to investigate the cap, a move Moscow says it will not abide by and can prevent by sending oil to states that do not obey the price cap. read more

INVOICING PROBLEMS

The US Treasury has raised concerns that the EU embargo could spark a scramble for alternative supplies, pushing global crude prices as high as $140 a barrel, and is pushing for a price cap from May as a way to keep the flow of Russian crude. Russian oil prices rose in anticipation of the EU embargo, with Urals crude trading at a discount of $18 to $25 a barrel to Brent crude, down from $30 to $40 earlier this year. read more Sign up now for FREE unlimited access to Reuters.comSign up Additional reporting by Jan Strupczewski, Matthias Williams, Steve Scherer, William James, Leigh Thomas; edited by Raju Gopalakrishnan and Chizu Nomiyama Our Standards: The Thomson Reuters Trust Principles.

title: “G7 Finance Chiefs Agree On Russian Oil Price Cap But Level Undecided Klmat” ShowToc: true date: “2022-10-29” author: “Sylvia Henderson”

Sign up now for FREE unlimited access to Reuters.comSign up Sept 2 (Reuters) – The Group of Seven finance ministers agreed on Friday to impose a price cap on Russian oil aimed at reducing revenue for Moscow’s war on Ukraine while keeping crude flowing to avoid price spikes , but their statement left out key details of the plan. Ministers from the club of rich industrialized democracies reaffirmed their commitment to the plan after a virtual meeting. They said, however, that the level of the price ceiling per barrel would be determined later “based on a series of technical data” agreed by the alliance of countries that implement it. “Today we confirm our shared political intent to finalize and implement a comprehensive ban on services that enable the maritime transportation of Russian-origin crude oil and petroleum products worldwide,” the G7 ministers said. Sign up now for FREE unlimited access to Reuters.comSign up The provision of shipping services, including insurance and financing, will only be allowed if Russian oil cargoes are purchased at or below the price level “determined by the broad coalition of countries that observe and implement the price ceiling.” Ministers said they would work to finalize the details, through their own internal processes, with the aim of aligning it with the start of European Union sanctions that will ban Russian oil imports into the bloc from December. The G7 consists of Britain, Canada, France, Germany, Italy, Japan and the United States. The ministers said they would seek a broader coalition of oil-importing countries to buy Russian crude and petroleum products only at or below the price ceiling and invite their input into the plan. Some G7 officials expressed concerns that the price cap would not be successful without the participation of major importers such as China and India, which have sharply increased their purchases of Russian crude since Moscow launched its incursion in February. But others said China and India have expressed interest in buying Russian oil at an even lower price under the cap. Enforcing the cap would rely heavily on denying London-brokered marine insurance, which covers around 95% of the world’s tanker fleet, and financing cargo priced above the cap. But analysts say alternatives can be found to circumvent the cap and market forces could make it ineffective Read more Despite a drop in Russia’s oil export volume, its oil export revenue in June rose by $700 million from May as prices were pushed higher by the war in Ukraine, the International Energy Agency said last month. The G7 finance ministers’ statement follows a decision by their leaders in June to investigate the cap, a move Moscow says it will not abide by and can prevent by sending oil to states that do not obey the price cap. read more

INVOICING PROBLEMS

The US Treasury has raised concerns that the EU embargo could spark a scramble for alternative supplies, pushing global crude prices as high as $140 a barrel, and is pushing for a price cap from May as a way to keep the flow of Russian crude. Russian oil prices rose in anticipation of the EU embargo, with Urals crude trading at a discount of $18 to $25 a barrel to Brent crude, down from $30 to $40 earlier this year. read more Sign up now for FREE unlimited access to Reuters.comSign up Additional reporting by Jan Strupczewski, Matthias Williams, Steve Scherer, William James, Leigh Thomas; edited by Raju Gopalakrishnan and Chizu Nomiyama Our Standards: The Thomson Reuters Trust Principles.