G7 Prepared To Review Russian Oil Price Cap Based On Effectiveness Of Measure - Statement

Sumaira FH Published December 03, 2022 | 04:00 AM

G7 Prepared to Review Russian Oil Price Cap Based on Effectiveness of Measure - Statement

WASHINGTON (UrduPoint News / Sputnik - 03rd December, 2022) The price cap on Russian petroleum products developed by a US-led international coalition will take effect February 5, 2023, the Group of Seven (G7) said in a statement.

"We reiterate our decision that the price cap on Russian-origin petroleum products will enter into force on 5 February 2023," the G7 statement said on Friday.

The maximum price cap, which is reviewable based on factors including the effectiveness of the measure, is set at $60 for now, the statement said.�

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