The Russian oil “price cap,” which Group of Seven (G7) countries have been promising for some time in response to Russia’s war in Ukraine, is finally becoming a reality. Last week, the US Treasury Department’s Office of Foreign Assets Control (OFAC) published a determination to pursue the cap, along with detailed guidance for market actors. On Friday—after an extended period of haggling—European Union (EU) ambassadors reportedly signed off on an initial fixed cap of sixty dollars per barrel. Other participating members in the price cap will also have to sign off in the coming days.
What to expect from the new Russian oil price cap – Atlantic Council