Russian oil prices have risen in anticipation of the EU embargo, with Urals crude trading at an $18-to-$25 per barrel discount to benchmark Brent crude, down from a $30-to-$40 discount earlier this year.Russian oil prices have risen in anticipation of the EU embargo, with Urals crude trading at an $18-to-$25 per barrel discount to benchmark Brent crude, down from a $30-to-$40 discount earlier this year.
The provision of Western-dominated maritime transportation services, including insurance and finance, would be allowed only if the Russian oil cargoes are purchased at or below the price level “determined by the broad coalition of countries adhering to and implementing the price cap.”A senior US Treasury official told reporters that the coalition would set a specific dollar price limit for Russian crude and two others for petroleum products — not discounts to global market prices.
Nonetheless, US Treasury Secretary Janet Yellen said that Russia would still have an economic incentive to sell oil at or near the price cap, because otherwise it would have to shut down production that would be difficult to restart.
The ministers said they would work to finalize the details, through their own domestic processes, aiming to align it with the start of European Union sanctions that will ban Russian oil imports into the bloc starting in December.
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