“The G7 countries and Australia, being current members of the Coalition to Limit Prices, reached a consensus on December 2, 2022 on a maximum price of $60 per barrel of oil of Russian origin in accordance with the unanimous decision of the member countries of the European Union,” RIA Novosti quotes a statement. .

It is specified that the price cap will take effect on December 5 “or shortly thereafter.” 

At the same time, the G7 countries announced that the decision would come into force on February 5, 2023.

“We will announce the marginal cost for oil products of Russian origin separately,” the G7 and Australia said in a joint statement.

Emily Blanchard, chief economist at the US State Department, said earlier that it was possible to adjust the established ceiling price for Russian oil if the set goals were not achieved.

The Financial Times reported that the EU countries have reached an agreement on a price ceiling for Russian oil at $60.

The ambassadors of the EU countries officially confirmed the decision to introduce a ceiling on oil prices from Russia.