Russia is considering setting a price floor for its international oil sales as a response to a cap that the G-7 nations set out last week.
On Friday, European Commission President Ursula von der Leyen declared that the EU would be imposing a “global price cap on seaborne oil from Russia” of $60/barrel. Under the scheme, insurers and brokers who service oil tankers that ship Russian fuel exceeding the price limit determined by Brussels would risk being sanctioned.
PY/PR