US Deputy Treasury Secretary Wali Adimo said on Friday that G7 officials agreed to review the level of the ceiling imposed on Russian oil export prices next March, at a later date than originally planned, in order to give time to assess the market after placing more oil. Maximum price limits for petroleum products from Russia.
The Group of Seven, the European Union and Australia agreed on the fifth of last December to ban the use of marine insurance, financing and other services provided by the West for seaborne Russian oil, whose price exceeds $ 60 a barrel, within the framework of Western sanctions against Moscow because of its war on Ukraine.
This alliance intends to impose a maximum price cap on Russian oil products on the fifth of next February.
Treasury officials said the oil price cap has two goals:
Reduce Russia's revenues by institutionalizing deep discounts on its oil, which is bought by big consumers like China and India.
Ensuring a good supply of global oil markets.
In a related context, US Treasury Secretary Janet Yellen indicated that it is estimated that the decision to cap prices on crude oil and refined products from Moscow - which was adopted by the Group of Seven to limit Russia's revenues - would save $6 billion annually for the 17 most oil-importing African countries. .
In response to the Western move, Russia announced earlier that it would prevent, as of February 1, the sale of its oil to foreign countries that set a price ceiling.
Faced with these sanctions, Russia has drastically reduced its hydrocarbon shipments to Europe and turned to Asia to compensate.
This comes as Pakistan intends to start importing Russian oil and gas next March on terms that guarantee "mutual economic benefit" for both parties, as the two countries announced in a joint statement on Friday.