U.S. Treasury Secretary Janet Yellen said Friday that industrialized countries in the Group of Seven are imposing a price cap on refined Russian oil products such as diesel and kerosene, as part of a coalition that includes Australia and a tentative agreement from the European Union.
The cap follows similar price limits put on Russian oil exports, with the goal of reducing the financial resources Russian President Vladimir Putin has to wage the nearly year-long war in Ukraine.
Details about the cap were provided by a G-7 statement and diplomats from three different EU member nations, who agreed to discuss the cap on the condition of anonymity. Russia has said it will not sell to countries obeying the oil cap, but because its oil is selling for less than $60 per barrel, it has kept flowing to the global market. The price caps encourage non-Western customers that have not banned Russian oil to press for discounts, while outright evasion - though possible - carries additional costs such as organizing off-the-books tankers.
If the price cap works as intended and Russian diesel keeps flowing, fuel prices should not skyrocket, analysts say. Europe could get alternate supplies of diesel from the U.S., India and the Middle East, while Russia could seek new customers outside Europe.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Europe reaches deal for price cap on Russian dieselEuropean Union governments tentatively agreed Friday to set a $100-per-barrel price cap on sales of Russian diesel to coincide with an E.U. embargo on the fuel -- steps aimed at ending the bloc's energy dependence on Russia and limiting the money Moscow makes to fund its war in Ukraine.
Read more »
How Aave’s treasury will help it rise above MakerDAO and UniswapAave’s treasury funds saw significant growth. Other competitors also witnessed a surge in their treasury funds. Decentralized lending protocol Aave [AAVE] has seen a growth in its treasury funds, according to a 1 February tweet from Delphi Digital. The growth in treasury funds is an indicator of consistent revenue generation for the protocol, which can […]
Read more »
EU agrees to set price caps on Russian refined oil productsEU diplomats said the price caps agreed by ambassadors for the 27 EU countries are $100 per barrel on products that trade at a premium to crude, and $45 per barrel for products that trade at a discount
Read more »
U.S. Secretary Blinken postpones China trip following balloon discoverySecretary of State Antony Blinken has postponed a planned high-stakes weekend diplomatic trip to China as the Biden administration weighs a broader response to the discovery of a high-altitude Chinese balloon flying over sensitive sites in the western United States, U.S. officials said Friday.
Read more »
Russian rocket destroys Kramatorsk apartment building; 2 dead, governor saysAt least 44 people were killed last month when a Russian missile hit an apartment building in the eastern city of Dnipro
Read more »