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G7's Oil Price Cap Sanctions To Have Little Impact On Russian Revenue
Proposed G7 oil price cap to have little immediate impact on Russian revenue The Group of Seven (G7) nations' proposed price cap of $65-$70 a barrel on Russian oil would have little immediate impact on Moscow's revenues, as it is broadly in line with what Asian buyers are already paying, five industry sources with direct knowledge of the purchases said on Wednesday. Some Indian refiners are paying the equivalent to a discount of around $25 to $35 a barrel to international benchmark Brent crude for Russian Urals crude, two sources said. Indian refiners typically pay for crude to be delivered to them. That price includes insurance and freight. The U.S. Treasury guidance does not allow buyers in countries that have imposed sanctions on Russian crude imports, such as in the United States and the European Union, to buy Russian oil even under the price cap. Source - NDTV #g7 #oilprice
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