According to a Reuters report, the EU intends to propose lowering the price cap for Russian Oil from $60 to $50 per barrel at the meeting of G7 finance ministers, Commerzbank's commodity analyst Barbara Lambrecht notes.
EU wants to propose the price cap for Russian Oil at $50 pb
"Now that Oil prices have fallen so sharply, the current cap no longer takes effect and Russian exporters can utilise the usual freight rates and insurance. Further sanctions against the so-called shadow fleet — such as those to be adopted today as part of the 17th sanctions package — will then no longer apply."
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