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G-7 Negotiators Put Russia Oil Price Cap on Agenda for Leaders

Added 06-26-22 07:04:02am EST - “(Bloomberg) -- Group of Seven negotiators agreed that discussions on a potential price cap on Russian oil had progressed enough to send the issue to leaders to discuss at their summit in Germany, according to people familiar with…” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “G-7 Negotiators Put Russia Oil Price Cap on Agenda for Leaders”. Below is an excerpt from the article.

(Bloomberg) -- Group of Seven negotiators agreed that discussions on a potential price cap on Russian oil had progressed enough to send the issue to leaders to discuss at their summit in Germany, according to people familiar with the matter.

The negotiators known as sherpas held what one official described as “intense” talks on the matter in the Bavarian Alps before the summit began Sunday.

While there are many issues still to be ironed out, they reached an understanding that leaders should have a formal discussion about a price cap, the person said, asking not to be identified discussing private matters.

Such a price mechanism would set an upper limit on imports of oil from Russia, which would be imposed unilaterally by each participating country and prevent Russia selling at a higher price. For European nations, it’s also a way to potentially defray inflation driven by energy prices as they grapple with the economic fallout of Russia’s invasion of Ukraine.

While Italy is among those championing the move -- the US is also pushing for it -- some European nations have been wary given it could potentially require the painful reopening of already-agreed European Union texts on sanctions against Russia. That would need the agreement of all 27 EU member states and be very difficult to do.

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