As Europe discusses the possibility of further lowering the G7’s $60 price cap on Russian crude oil to squeeze Kremlin coffers more, Bloomberg is citing unnamed sources as saying that the Biden administration would likely oppose such a move. The price cap implemented on December 5 is slated for review every two weeks, which is next week, at which point market conditions are considered to ensure that the price cap remains at least 5% below average prices.
Poland and Lithuania are seeking to lower the price cap on Russian oil below…Washington Not Likely To Lower Russian Oil Price Cap–Yet
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