G7 expands influence over Russia by capping oil prices = US Government Official | Reuters

A senior US Treasury official said on Dec. 6 that Russia’s oil price cap at $60 a barrel had increased Western influence over Russia. The photo shows a crude oil tanker anchored near Nakhodka. (Reuters/Tatiana Meel)

[ワシントン 6日 ロイター] – A senior US Treasury official said on Thursday that capping Russian oil prices at $60 a barrel had increased Western influence over Russia. He also said that various factors such as the Russian economy, the global economy and oil market trends will be taken into consideration while adjusting the cap. He responded to a Reuters interview.

The Group of Seven (G7) countries, the European Union (EU) and Australia agreed on Thursday to impose further sanctions on Russia by setting a $60 cap on the price of Russian crude oil. The cap was introduced on the 5th.

The limit is to be reviewed every two months and the G7 is expected to start reviewing it in mid-January next year, but the official said no specific date had been set for when the adjustments would be made.

He said the G7 and Australia will be busy over the next few weeks as they work to set price caps on Russia’s refined petroleum products, which are expected to be introduced by February 5 next year.

“The important thing is that by setting the $60 limit, we now have all the leverage,” he said, adding that “any adjustment is in the interests of the G7, Ukraine and the global economy, not Russia’s.”

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