< Arab Finance - News - G7, EU, Australia agree to $60 pb price cap on Russian crude

Market is closed

EGX 30 0.00 0.00%

Count Down to relaunch



G7, EU, Australia agree to $60 pb price cap on Russian crude

G7, EU, Australia agree to $60 pb price cap on Russian crude

Arab Finance: The Group of Seven (G7), the European Union (EU), and Australia approved setting the price cap on Russian crude oil traded by companies shipping oil to third countries at $60 per barrel (pb), the UK government announced on December 2nd.

The price cap will be effective from December 5th across the coalition jurisdictions.

The alliance will not make use of the cap price as they will only provide services facilitating the maritime transport of Russian oil in case of firms' trade at or below the price cap.

A General License will be issued shortly to make use of an Oil Price Cap exception for third countries that enable firms to access services from coalition countries after December 5th.

It is worth noting that the coalition countries have already introduced an import ban on Russian oil.

#Related keywords

Recommended Stocks

13 Jun 2022
Delta Sugar SUGR
Close
25.18
Change
03.2
Hold

All rights reserved to Arab Finance 2020 ©

Back to top