G-7 countries agree to move forward with Russia oil price cap system
2 years, 3 months ago

G-7 countries agree to move forward with Russia oil price cap system

The Hindu  

Finance ministers from the Group of Seven industrial powers on September 2 pledged to put in place a system designed to cap Russia’s income from oil sales, an idea that the nations’ leaders had promised to explore at their summit in June. In a statement issued by Germany, which chairs the G-7 this year, the ministers said they “confirm our joint political intention to finalize and implement a comprehensive prohibition of services which enable maritime transportation of Russian-origin crude oil and petroleum products globally.” Providing those services “would only be allowed if the oil and petroleum products are purchased at or below a price determined by the broad coalition of countries adhering to and implementing the price cap,” they added. It said that “we invite all countries to provide input on the price cap’s design and to implement this important measure.” When they met in June in Germany, the leaders of the G-7 — the United States, Germany, France, Britain, Italy, Canada and Japan — agreed to explore the feasibility of measures to bar imports of Russian oil above a certain level. The price cap — pushed by U.S. President Joe Biden — could work because the service providers are mostly located in the European Union or the U.K. and thus within reach of sanctions.

Russia Oil Germany Price Russian Cap Russian Oil  system  russia  germany  statement  g7  war  union  countries  price  russian  agree  cap  forward  oil

History of this topic

Russia signs $13bn-a-year oil deal with India in blow to Western sanctions
1 week, 5 days ago

Russia signs $13bn-a-year oil deal with India in blow to Western sanctions

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Russian state-owned oil firm Rosneft …

US Considers New Russia Oil Sanctions to Weaken Putin Ahead of Trump
1 week, 6 days ago

US Considers New Russia Oil Sanctions to Weaken Putin Ahead of Trump

Deccan Chronicle  

The Biden administration is weighing new, harsher sanctions against Russia’s lucrative oil trade, seeking to tighten the squeeze on the Kremlin’s war machine just weeks before Donald Trump returns to the White House.Details of the possible new measures were still being worked out, but President Joe Biden’s team was considering restrictions that might target some Russian oil exports, according to …

Russia wants to become the second-largest oil producer in the world
1 month, 1 week ago

Russia wants to become the second-largest oil producer in the world

China Daily  

Russia is reportedly considering a major oil-sector shakeup by merging three of its largest oil companies: state-backed Rosneft and Gazprom Neft and privately-held Lukoil. Notably, the consolidation could allow Russia to command higher prices for crude oil exports to major buyers like India and China. This shift is driven by Russia’s substantial discounts on crude oil, which have made it …

Russian oil finds its way to Europe via India; India now biggest exporter of fuel to EU
1 month, 2 weeks ago

Russian oil finds its way to Europe via India; India now biggest exporter of fuel to EU

The Hindu  

India's export of fuels like diesel to the European Union jumped 58% in the first three quarters of 2024, with a bulk of them likely coming from refining discounted Russian oil, according to a monthly tracker report. "In the 13 months since the oil price cap took effect, over one-third of India's exports of oil products to sanctioning countries was …

U.K. sanctions ten ships from Russia’s ‘shadow fleet’
3 months, 1 week ago

U.K. sanctions ten ships from Russia’s ‘shadow fleet’

The Hindu  

The U.K. government, on Wednesday, announced sanctions on a “shadow fleet” of ten Russian oil tankers that it has alleged were circumventing Western oil sanctions. The European Union and Group of Seven countries, including the U.K., are among those who have participated in U.S.-led sanctions on Russian oil, with petroleum being a critical source of funding for Russia’s war with …

US has not asked India to reduce Russian oil imports: Officials
8 months, 2 weeks ago

US has not asked India to reduce Russian oil imports: Officials

Hindustan Times  

NEW DELHI: The US has not asked India to reduce its imports of Russian oil and the price cap and sanctions regime imposed by the G7 are aimed at squeezing Moscow’s profits from crude sales and impeding its ability to finance the war in Ukraine, two US officials said on Thursday. Russian oil is priced above $60 a barrel The …

Two US treasury officials visiting India to urge Modi govt to maintain implementation of Russian oil price cap
8 months, 3 weeks ago

Two US treasury officials visiting India to urge Modi govt to maintain implementation of Russian oil price cap

India TV News  

Two senior US treasury officials - Acting Assistant Secretary for Terrorist Financing Anna Morris and PDO Assistant Secretary for Economic Policy Eric Van Nostrand - will urge New Delhi to maintain the implementation of the oil price cap aimed at limiting profits to Russia, while also promoting stable global energy markets, the Biden administration said in an official announcement. “They …

US to tell event in India that price cap on Russian oil working
8 months, 3 weeks ago

US to tell event in India that price cap on Russian oil working

Hindustan Times  

The G7 price cap on Russian oil shipments is cutting the revenue that Moscow has available to support its invasion of Ukraine, and the mechanism's effectiveness is helped by the recent actions of Indian refiners, U.S. officials will tell an event in New Delhi on Thursday, according to prepared remarks. "We know that the Indian economy has much at stake …

So many sanctions on Russia. How much impact do they really have?
10 months ago

So many sanctions on Russia. How much impact do they really have?

Associated Press  

WASHINGTON — So many sanctions. Many of the new sanctions target Russian firms that contribute to the Kremlin’s war effort — everything from drone and industrial chemical manufacturers to machine tool importers. The Group of Seven allies in December 2022 imposed a $60 per barrel price cap on Russian oil, hoping to limit Russia’s revenues from fossil fuels. Treasury Deputy …

US sanctions UAE shipping firm for transporting Russian crude oil above USD60 per barrel price cap
11 months, 1 week ago

US sanctions UAE shipping firm for transporting Russian crude oil above USD60 per barrel price cap

India TV News  

Washington: The US on Thursday hit a United Arab Emirates shipping firm with sanctions after it transported Russian crude oil above the $60 per barrel price cap. This is the Treasury's first oil price cap enforcement action of 2024 — imposed on Hennesea Holdings Limited and its 18 vessels that the US Treasury now considers blocked property. Price cap The …

Fear of sanctions keeps SBI off Russian oil deals
11 months, 1 week ago

Fear of sanctions keeps SBI off Russian oil deals

Live Mint  

NEW DELHI : State Bank of India has long avoided payment transactions for Russian oil bought by state-run refiners to avert US sanctions that came into force on 5 December 2022, two people aware of the matter said. Mint also reported about India’s largest lender requesting data on purchasing prices from refiners such as Indian Oil Corp. Ltd, Bharat Petroleum …

India reduces import of Russian crude oil over pricing
11 months, 1 week ago

India reduces import of Russian crude oil over pricing

Hindustan Times  

Indian refiners have significantly cut Russian crude imports and plan to further decrease shipments from the sanctions-hit country after Moscow steeply reduced discounts from about $10 a barrel to around $2 in recent months, at least four people directly aware of the development said. Indian oil companies have decided to cut crude imports from Russia because of only one reason, …

U.S. imposes more Russian oil price cap sanctions and issues new compliance rules for shippers
1 year ago

U.S. imposes more Russian oil price cap sanctions and issues new compliance rules for shippers

Associated Press  

WASHINGTON — The U.S. imposed new sanctions on alleged violators of a $60 per barrel price cap on Russian oil and tightened compliance rules for insurance firms and shippers, Wednesday. Also sanctioned were Hong Kong-based Covart Energy, which has increased its share of the trade of Russian oil since the price cap policy was implemented, and Hong Kong-based Bellatrix Energy. …

Sanctions on Russian oil have failed. Were they ever meant to succeed?
1 year ago

Sanctions on Russian oil have failed. Were they ever meant to succeed?

Al Jazeera  

Last December, the European Union banned imports of Russian crude oil in a bid to starve the Russian war machine into submission over its invasion of Ukraine. Sanction-proof tankers Anticipating this, the EU, along with the G7, last year placed a $60-per-barrel price cap on Russian oil sold to third parties. “It’s basically a sanction-proof tanker.” Western protection-and-indemnity-insured tankers dropped …

How Russia games oil sanctions for big profits
1 year, 1 month ago

How Russia games oil sanctions for big profits

Live Mint  

The latest evidence: Oil and gas tax revenue to the Russian budget in October more than doubled from September and rose by more than a quarter from the same month last year, according to data released Friday. The price cap, imposed last December, was supposed to achieve twin goals: ensure the flow of Russia’s crude on world markets, thus keeping …

A price cap on Russian oil aims to starve Putin of cash. But it’s largely been untested. Until now
1 year, 2 months ago

A price cap on Russian oil aims to starve Putin of cash. But it’s largely been untested. Until now

Associated Press  

FRANKFURT, Germany — For months after Ukraine’s Western allies limited sales of Russian oil to $60 per barrel, the price cap was still largely symbolic. Russia’s benchmark oil — often exported with Western ships required to obey sanctions — has traded above the price cap since mid-July, pumping hundreds of millions of dollars a day into the Kremlin’s war chest. …

US checks if foreign banks followed cap on Russia oil
1 year, 2 months ago

US checks if foreign banks followed cap on Russia oil

Live Mint  

A US government office is checking whether foreign banks operating in the US conformed to the G7 price cap of $60 a barrel for Russian oil, a person aware of the matter said. The US treasury department’s Office of Foreign Assets Control has sought details of Russian oil purchases by including those by Indian entities in the last few months, …

The US government sanctions two shipping companies for violating the Russian oil price cap
1 year, 2 months ago

The US government sanctions two shipping companies for violating the Russian oil price cap

Associated Press  

WASHINGTON — The Treasury Department said Thursday that it has imposed its first set of sanctions on two companies that shipped Russian oil in violation of a multinational price cap. As a result of the sanctions, the Biden administration is blocking the companies’ ability to conduct business or access any property or financial interests in the U.S. A senior treasury …

Opinion: Putin is using high oil prices to test support for Ukraine. Congress’ dysfunction plays right into his hands
1 year, 2 months ago

Opinion: Putin is using high oil prices to test support for Ukraine. Congress’ dysfunction plays right into his hands

LA Times  

Wars are won and lost on battlefields. The price cap on Russian oil, pioneered by Treasury Secretary Janet Yellen and introduced by a G-7-led coalition in late 2022, was designed to reduce those revenues while keeping Russian oil on the market to hold world prices in check. The maritime tollbooth could then charge all Russian oil shipments the difference between …

G7 said to shelve regular Russian oil cap reviews as prices soar
1 year, 3 months ago

G7 said to shelve regular Russian oil cap reviews as prices soar

The Hindu  

The G7 and allies have shelved regular reviews of the Russian oil price cap scheme, people familiar with the matter told Reuters, even though most Russian crude is trading above the limit because of a rally in global crude prices. The Group of Seven countries along with the European Union and Australia imposed the price cap mechanism on Russian oil …

Russia oil discount to India shrinks to $4, delivery charges remain opaque
1 year, 5 months ago

Russia oil discount to India shrinks to $4, delivery charges remain opaque

India TV News  

The steep discounts on Russian crude oil that India gorged on since the Ukraine war, have plunged but the shipping rates charged by Russia-arranged entities continue to remain 'opaque' and higher than normal, sources said. The discounts could have been higher if state controlled units, who account for roughly 60 per cent of the 2 million barrels per day of …

US says price caps on Russia’s oil are cutting revenue nearly in half and weakening its economy
1 year, 6 months ago

US says price caps on Russia’s oil are cutting revenue nearly in half and weakening its economy

Associated Press  

WASHINGTON — A top Treasury Department official said Thursday that the cap on the price of Russia’s oil is severely curtailing its greatest source of revenue as it wages war in Ukraine. When the United States and other economic powers in the Group of Seven, along with the European Union and Australia, last year announced an ambitious plan to cap …

Russia pressurising India to avoid being placed on FATF's blacklist; Will India take any steps to save Moscow?
1 year, 6 months ago

Russia pressurising India to avoid being placed on FATF's blacklist; Will India take any steps to save Moscow?

India TV News  

In a major development, the Financial Action Task Force which leads global action to tackle money laundering, terrorist and proliferation financing, is mulling to put Russia on the "black list" amid the ongoing war against its neighbouring country, Ukraine. Although it sounds quite familiar amid the fact the intergovernmental organisation had removed Moscow from the list of member counties in …

Russia launches intense air raid on Kyiv, top Chinese diplomat to tour Ukraine and Russia
1 year, 7 months ago

Russia launches intense air raid on Kyiv, top Chinese diplomat to tour Ukraine and Russia

ABC  

Russia launched an exceptionally intense air attack on Kyiv in the early hours of Tuesday, using drones, cruise and probably ballistic missiles, city officials said, as the Ukrainian capital suffered its eighth air raid this month. Key points: Russia fired six ballistic missiles from aircraft, nine cruise missiles from ships in the Black Sea and three missiles from land Ukraine …

India becomes Europe's largest supplier of refined fuels after Russian oil ban
1 year, 7 months ago

India becomes Europe's largest supplier of refined fuels after Russian oil ban

Hindustan Times  

India has become Europe's largest supplier of refined fuels this month while simultaneously buying record amounts of Russian crude, according to data from analytics firm Kpler. Europe's refined fuel imports from India are set to surge above 360,000 barrels a day, edging just ahead of those of Saudi Arabia, Kpler's data show. It also means that more competition for Europe's …

Russia’s shadowy energy trade is raising fears of a devastating oil spill
1 year, 8 months ago

Russia’s shadowy energy trade is raising fears of a devastating oil spill

CNN  

London CNN — The waters of the Bay of Lakonikos, on the south-eastern side of Greece’s Peloponnese peninsula, are a bright turquoise color. “Smaller vessels come in from Russian ports, they transfer the cargoes onto larger vessels, and then those larger vessels will head off to Asia.” A satellite image taken on March 20, 2023 shows two tankers conducting a …

India and China snap up Russian oil in April above ’price cap’
1 year, 8 months ago

India and China snap up Russian oil in April above ’price cap’

Live Mint  

India and China have snapped up the vast majority of Russian oil so far in April at prices above the Western price cap of $60 per barrel, according to traders and Reuters calculations. The latest data from Refinitiv Eikon suggest Russian Urals oil cargoes that loaded in the first half of April are mostly heading to India's and China's ports. …

India and China Snapping up Majority of Russian Oil Above Western Price Cap
1 year, 8 months ago

India and China Snapping up Majority of Russian Oil Above Western Price Cap

The Hindu  

India and China have snapped up the vast majority of Russian oil so far in April at prices above the Western price cap of $60 per barrel, according to traders and Reuters calculations. The latest data from Refinitiv Eikon suggest Russian Urals oil cargoes that loaded in the first half of April are mostly heading to India's and China's ports. …

India and China snap up Russian oil in April above ‘price cap’
1 year, 8 months ago

India and China snap up Russian oil in April above ‘price cap’

Al Jazeera  

Russia is enjoying stronger revenues via sale of oil despite the West’s attempts to curb funds for its war in Ukraine. India and China have snapped up the vast majority of Russian oil so far in April at prices above the Western price cap of $60 per barrel, according to traders and Reuters calculations. The latest data from Refinitiv Eikon …

India may buy Russian crude past cap if cut by OPEC+ boosts costs - What FM said
1 year, 8 months ago

India may buy Russian crude past cap if cut by OPEC+ boosts costs - What FM said

Live Mint  

As the Ukraine-Russia war continues, much has been said about India's ongoing import of Russian oil. Now, Finance Minister Nirmala Sitharaman has indicated that the country will explore buying Russian crude oil near or past the price cap imposed by the G-7 if necessary. While India has not signed any agreement with the Western powers to impose a price cap …

Explained | Why is Japan circumventing sanctions on Russian oil?
1 year, 8 months ago

Explained | Why is Japan circumventing sanctions on Russian oil?

The Hindu  

The story so far: Japan has been purchasing oil from Russia at a price above the $60 per barrel price cap imposed by the West, according to reports this week. However, Japan’s decision to purchase oil above the price cap once again brings to the fore the strong incentives facing countries to subvert the West’s $60 per barrel price cap. …

US says Russia not benefiting from +$60/bbl oil to India
1 year, 9 months ago

US says Russia not benefiting from +$60/bbl oil to India

Live Mint  

Russia is not reaping the benefits of higher costs of some recent cargoes of crude oil bought by refiners in India priced above the price cap set by countries in the West and Australia, a U.S. official said on Thursday. Some Dubai-based traders, and Russian energy companies Gazprom and Rosneft are seeking non-dollar payments for certain niche grades of Russian …

Russia’s economy holds up, but growing challenges test Putin
1 year, 9 months ago

Russia’s economy holds up, but growing challenges test Putin

Associated Press  

Western sanctions have hit Russian banks, wealthy individuals and technology imports. Economists say sanctions on Russian fossil fuels only now taking full effect — such as a price cap on oil — should eat into earnings that fund the military’s attacks on Ukraine. “We have had even worse periods of time in history, and we coped,” he said, but added …

Fragmented and uncertain: How the oil market has changed a year after the Russia-Ukraine war
1 year, 9 months ago

Fragmented and uncertain: How the oil market has changed a year after the Russia-Ukraine war

Firstpost  

Houston: A year after Russia’s invasion of Ukraine, the oil market has become more fragmented and uncertain, a dynamic expected to boost crude prices over the long term. The oil market “is radically different in some ways than it was before the invasion of Ukraine,” said Jim Burkhard, head of research for oil markets, energy and mobility at S&P Global …

Russian oil becomes more pricey with pool of Asian buyers expands
1 year, 9 months ago

Russian oil becomes more pricey with pool of Asian buyers expands

Live Mint  

The price of Russian crude and fuel is rising for buyers in Asia as a pool of bigger customers from China and India expands, putting pressure on smaller refiners that have eagerly consumed the cheap oil. The larger refiners have muscled in to a patch typically dominated by China’s smaller independent processors, known as teapots, which have been consistent consumers …

‘We don’t and won't': Russia's unequivocal message to West on oil price cap
1 year, 9 months ago

‘We don’t and won't': Russia's unequivocal message to West on oil price cap

Hindustan Times  

The Kremlin said on Tuesday that it did not recognise the price cap introduced by Western countries on its oil exports, after the United States said that the cap was "working well". Washington was one of the key architects of the Western price cap on Russian oil, which aims to drive down Moscow's revenues used to fund its invasion of …

How China and India’s appetite for oil and gas kept Russia afloat
1 year, 10 months ago

How China and India’s appetite for oil and gas kept Russia afloat

Al Jazeera  

Despite Western-led sanctions aimed at punishing Russia over its war in Ukraine, growing demand for Russian energy imports has helped keep the country’s besieged economy afloat. China and India, both of which have declined to condemn Russia or impose sanctions over the war, became the biggest buyers of Russian crude oil last year as Western countries restricted imports and imposed …

‘Global economy in better place today than predicted’
1 year, 10 months ago

‘Global economy in better place today than predicted’

Live Mint  

New Delhi: War, debt and economics are set to dominate G20 leaders’ discussions over the next two days. US treasury secretary Janet Yellen on Thursday flagged the need for tackling challenges like the spill-over effects of macroeconomic tightening in major economies and debt distress in vulnerable countries like Zambia and Sri Lanka ahead of the crucial two-day meeting of finance …

Spill over of macroeconomic tightening of major economies, debt overhang need to be addressed: Janet Yellen
1 year, 10 months ago

Spill over of macroeconomic tightening of major economies, debt overhang need to be addressed: Janet Yellen

Live Mint  

War, debt and economics are set to dominate G20 leaders’ discussions over the next two days. US Treasury Secretary Janet Yellen on Thursday flagged the need for tackling challenges like the spill over effects of macroeconomic tightening in major economies to the rest of the world and the debt distress in vulnerable countries like Zambia and Sri Lanka, ahead of …

Russia announces cut to oil output over Western price caps
1 year, 10 months ago

Russia announces cut to oil output over Western price caps

Associated Press  

MOSCOW — Russia announced Friday that will cut oil production by 500,000 barrels per day next month after Western countries capped the price of its crude over its action in Ukraine. “As of today, we fully sell all our crude output, but as we stated before, we will not sell oil to those who directly or indirectly adhere to the …

Russia to Slash Crude Oil Output in Retaliation for Western Price Cap
1 year, 10 months ago

Russia to Slash Crude Oil Output in Retaliation for Western Price Cap

News 18  

Russia announced Friday it will slash crude oil output by five percent next month after Western countries imposed a price cap over the Ukraine conflict. International crude prices surged after Deputy Prime Minister Alexander Novak said that Russia would “voluntarily” reduce production by 500,000 barrels per day in March. There are two price cap levels, $100 per barrel for more …

Russia may cut March oil production by 5L barrels a day, says Dy PM
1 year, 10 months ago

Russia may cut March oil production by 5L barrels a day, says Dy PM

Live Mint  

Russia plans to cut its March oil production by 500,000 barrels a day in response to the western price caps, said Deputy Prime Minister Alexander Novak. “Russia believes that the mechanism of price caps on Russian oil and petroleum products is an intervention in market relations and an extension of destructive energy policies of the collective West,” Novak said in …

'US won't impose sanctions on India for purchasing Russian oil despite oil price cap': Top Energy official
1 year, 10 months ago

'US won't impose sanctions on India for purchasing Russian oil despite oil price cap': Top Energy official

India TV News  

The United States on Wednesday confirmed that it was not planning to impose any sanctions on India, amid the fact New Delhi exporting record-high Russian oil irrespective of the European Union and West imposed price cap on energy resources. EU, G7 partners agree on price cap on Russian petroleum products Notably, both the EU and the US adopted further price …

Europe bans Russian diesel, other oil products over Ukraine
1 year, 10 months ago

Europe bans Russian diesel, other oil products over Ukraine

Associated Press  

FRANKFURT, Germany — Europe imposed a ban Sunday on Russian diesel fuel and other refined oil products, slashing energy dependency on Moscow and seeking to further crimp the Kremlin’s fossil fuel earnings as punishment for invading Ukraine. The goal is allowing Russian diesel to keep flowing to countries like China and India and avoiding a sudden price rise that would …

How will EU ban and West’s price cap on Russian diesel work?
1 year, 10 months ago

How will EU ban and West’s price cap on Russian diesel work?

Associated Press  

FRANKFURT, Germany — The European Union is taking another big step toward cutting its energy ties with Russia. The 27-nation bloc is banning Russian refined oil products like diesel fuel and joining the U.S. and other allies in imposing a price cap on sales to non-Western countries. The newest energy sanctions have risks: Diesel prices have already jumped since the …

Europe bans Russian diesel, other oil products over Ukraine
1 year, 10 months ago

Europe bans Russian diesel, other oil products over Ukraine

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

European Union bans Russian diesel, oil products over Ukraine
1 year, 10 months ago

European Union bans Russian diesel, oil products over Ukraine

Al Jazeera  

Move comes after the bloc found new supplies of diesel from the US, Middle East and India to replace Russian energy supplies. Europe has imposed a ban on Russian diesel fuel and other refined oil products, slashing energy dependency on Moscow and seeking to further crimp the Kremlin’s fossil fuel earnings as punishment for invading Ukraine. The goal is allowing …

EU countries agree on new price cap for Russian oil
1 year, 10 months ago

EU countries agree on new price cap for Russian oil

NL Times  

EU member states have agreed to introduce a price cap on refined oil products from Russia. The G7 and the EU had already agreed in December on a price cap of $60 per barrel of crude oil from Russia. The insider in Brussels called it a "balanced, restrictive measure that keeps the price of oil and its derivatives low enough …

G-7, Europe reach deal for price cap on Russian diesel
1 year, 10 months ago

G-7, Europe reach deal for price cap on Russian diesel

Associated Press  

BRUSSELS — U.S. Treasury Secretary Janet Yellen said Friday that industrialized countries in the Group of Seven are imposing a price cap on refined Russian oil products such as diesel and kerosene, as part of a coalition that includes Australia and a tentative agreement from the European Union. The cap follows similar price limits put on Russian oil exports, with …

Europe reaches deal for price cap on Russian diesel
1 year, 10 months ago

Europe reaches deal for price cap on Russian diesel

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy European Union governments tentatively agreed …

Discover Related