G7 Price Cap Accepted By Russia, Enough To Continue Selling Oil On Global Market -Treasury

Faizan Hashmi Published December 03, 2022 | 04:00 AM

G7 Price Cap Accepted By Russia, Enough to Continue Selling Oil on Global Market -Treasury

WASHINGTON (UrduPoint News / Sputnik - 03rd December, 2022) Russia accepted the price cap agreed to by the Group of Seven and Australia, which will allow Moscow to continue selling oil on the global market, the US Treasury Department said in a press release.

"The level of the price cap, $60/barrel, is set high enough to maintain a clear economic incentive for Russia to continue selling oil on global markets," the Treasury said on Friday. "This price is set at a level that Russia has historically accepted, which is above its cost of production and comparable with prices Russia sold at prior to its war in Ukraine."

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