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Search resuls for: "Jan Strupczewski Kate Abnett"


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☆ G7 coalition agrees $60 per barrel price cap for Russian oil
  + stars: | 2022-12-02 | by ( Jan Strupczewski Kate Abnett David Lawder Andrea Shalal | Jan Strupczewski | Kate Abnett | ) www.reuters.com   time to read: +5 min
The G7 and Australia said in a statement the price cap would take effect on Dec. 5 or very soon thereafter. "The Price Cap Coalition may also consider further action to ensure the effectiveness of the price cap," the statement read. The G7 price cap will allow non-EU countries to continue importing seaborne Russian crude oil, but it will prohibit shipping, insurance and re-insurance companies from handling cargoes of Russian crude around the globe, unless it is sold for less than the price cap. Because the most important shipping and insurance firms are based in G7 countries, the price cap would make it very difficult for Moscow to sell its oil for a higher price. The initial G7 proposal last week was for a price cap of $65-$70 per barrel with no adjustment mechanism.
☆ EU agrees $60 Russian oil price cap, holdout Poland backs deal
  + stars: | 2022-12-02 | by ( Jan Strupczewski Kate Abnett | Jan Strupczewski | Kate Abnett | ) www.reuters.com   time to read: +4 min
Polish Ambassador to the EU Andrzej Sados on Friday told reporters Poland had backed the EU deal, which included a mechanism to keep the oil price cap at least 5% below the market rate. A spokesperson for the Czech Republic, which holds the rotating EU presidency and oversees EU countries' negotiations, said it had launched the written procedure for all 27 EU countries to formally greenlight the deal, following Poland's approval. The G7 price cap will allow non-EU countries to continue importing seaborne Russian crude oil, but it will prohibit shipping, insurance and re-insurance companies from handling cargoes of Russian crude around the globe, unless it is sold for less than the price cap. The White House on Friday welcomed news that the EU was "coming together" on the oil price cap and said it should limit Russian revenues. The initial G7 proposal last week was for a price cap of $65-$70 per barrel with no adjustment mechanism.
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