A cap on exports of Russian oil products is slated to begin on Feb. 5. The Treasury official told reporters the European Union is consulting with members on the price cap. The G7 price cap would allow companies to provide services including insurance, shipping and financing on Russian oil imports to coalition members, so long as the purchase of that petroleum is under the price cap. The coalition has agreed to set a fixed price on Russian oil rather than a floating rate, discounted to an oil price index, sources said this month. Such a move could send global oil prices higher, but risks damaging Russian oil fields.

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