Putin price ceiling. Western allies agreed on a blow to Russian oil revenues - WSJ

In the Great Seven, they fundamentally agreed to impose a limitation of prices for Russian oil. The United States, Britain and other G7 countries have fundamentally agreed on the so -called "ceiling of prices for Russian oil", the agreement may be represented on Friday, September 2. Video of the Day writes The Wall Street Journal with reference to sources close to negotiations. It is noted that Western officials are trying to solve some difficult questions about how the price ceiling will work.

According to the newspaper, officials have been working for several months to reduce Russia's financial flows from energy sales. At the same time, they try to keep enough Russian oil in the world markets to prevent new energy jumping. In order to achieve this result, G7 is planned to allow insurers, which now account for about 90% of the total tanker transportation market, to insure ships with Russian oil if the delivery price is lower than the established "ceiling".

"Our goal here is to create a permitting structure that will allow Russian oil to leak, but will reduce their income," said US Deputy Minister of Finance Walley AdeyEEE. Among the key parts that are still discussed are the price at which the upper limit will be set, the publication writes. The specific price benchmark is not called. According to WSJ, US oil varieties are traded in the $ 90 per barrel, and Russian is sold at a market price of about $ 20.

The introduction of marginal prices for Russian fuel oil is also discussed. The publication also writes that there are differences in the consequences of the introduction of a European oil embargo, which will come into force on December 5, 2022. This embargo, in particular, involves the prohibition of insurance of courts that carry Russian oil. The United States suggests that the European embargo can significantly disperse oil prices up to $ 140 per barrel.

At the same time, G7 countries have differences as to how many countries that are not part of the Great Seven, they have to sign a "price ceiling" to earn restrictions. According to WSJ, to convince the two main buyers of Russian oil now - China and India - is unlikely to succeed. At the same time, the very fact of introducing restrictions on Russian oil will already hit prices and reduce the revenues of the Russian Federation.

According to WSJ, European officials hope that other countries, including Turkey, Egypt and South Africa, will join the restrictions. At the same time, US officials are beginning that even with a small number of Russia's participants, Russia will have to spend additional resources to find a circumference of sanctions. Some US allies, as well as oil financiers and traders ask whether Russia will continue to sell oil under restrictions.