U.S., allies eye $60 price cap for Russian crude

U.S., allies eye $60 price cap for Russian crude

The United States and its allies are hoping to establish the price level at which Russian crude oil will be capped, people familiar with the talks told the Wall Street Journal.

Officials are talking about setting the price at which Russia’s crude oil will be capped at $60 per barrel. The group will meet on Wednesday to try to come to some agreement on prices.

The G7 plan to cap the price of Russian crude oil goes into effect on December 5, and the EU will ban Russian crude oil imports from the same date.

Last week, the G7 was scrambling ahead of the December 5 deadline that is approaching fast. The EU regulations necessary to navigate the post-December 5 oil markets still hadn’t been drafted or finalized, pending the determination of the actual price level.