The G7 Has No Immediate Plans To Review Its Russian Oil Price Cap

Despite the fact that Russia’s oil is now trading above the G7 price cap due to the oil rally in recent weeks, the group of the world’s top economies and its allies have shelved the regular reviews of the price ceiling, Reuters reported on Wednesday, quoting sources familiar with the matter. At the end of last year, G7, the EU, and allies including Australia imposed a price cap of $60 for Russia’s crude oil if Russian crude shipments to third countries outside the EU are to use Western insurance and financing. For most of this…