The Group of Seven plans to set a cap on the price of Russian gas next week

The Group of Seven plans to set a cap on the price of Russian gas next week
The Group of Seven plans to set a cap on the price of Russian gas next week

The Group of Seven plans to set a cap on the price of Russian gas next week

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Informed sources said that the Group of the Big Seven intends to announce next Wednesday the level of the cap it will set for the price of Russian crude oil.

Bloomberg News today quoted sources as saying that US President Joe Biden’s administration is expected to secretly exchange a proposed price ahead of the meeting of European Union ambassadors scheduled for next Wednesday.

The sources said if the European ambassadors support the proposal, the plan is to announce the price cap later this evening, but the timing is still unclear.

The price cap, backed by the G7 and European Union, would prevent companies from offering freight services and services such as insurance, brokerage and financial assistance needed to move Russian oil around the world unless the oil is sold at a price below the agreed level.

Russia’s crude plan is scheduled to go into effect after December 5, but the United States and Ukraine said their companies would be given until January 19 to unload to account for cargoes loaded before the price cap went into effect .

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