US, allies to complete consultations on Russia's oil price cap in next few days

 

The Group of Seven nations, the G7, is working to set a price cap on Russian oil. The G7 decided to impose such a price cap on Russian oil in order to limit its oil revenues.

The US Treasury Department said on Tuesday that Washington and its allies plan to finalize a price cap for Russian oil in the next few days, as they look to cut off a key source of funding for Moscow, according to news agency AFP. want to do

A senior official told reporters that the European Union is consulting with its members on the Russian oil price cap and that the EU-wide coalition will take steps to implement the cap once the EU process is complete.

"We expect them to complete their consultation on pricing in the next few days, and for us to move forward as an alliance... before December 5," the official told media persons quoted by AFP. Price cap has to be implemented."

He further said that there was no reason to believe that Moscow would retaliate against the new policy, as it was not in their interests.

"Any action they take to raise prices will affect their new customers, customers like India and China," said the US Treasury Department official.

The Group of Seven nations, the G7, is working to set a price cap on Russian oil. The G7 decided to impose such a price cap on Russian oil to limit its oil revenue. These seven countries include Canada, France, Germany, Italy, Japan, the United Kingdom, the United States, and the European Union.

The price cap is specifically designed to reduce Russia's revenue and ability to fund the war in Ukraine and to limit the impact on global energy prices, especially for low- and middle-income countries. Russia has warned that it will cut off oil supplies to any country that joins the price cap scheme.

Recently, Union Minister Hardeep Singh Puri said that the Indian government does not feel any pressure on the impending price cap on Russian crude oil proposed by the G-7.

Puri said, "When it happens then we will see it. The Modi government does not feel any pressure. I have no fear or worry. The market will deal with the issue of logistics. Whatever happens, it will be dealt with."