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US, Allies Aim for $60 Price Cap on Russian Oil

The U.S. and its allies are aiming to agree, potentially on Wednesday, on a $60 -$70 price cap on Russian oil, The Wall Street Journal reports.Brent crude was trading at $88 a barrel on Tuesday.

Ambassadors from the 27 European Union member states are scheduled to meet Wednesday to find unanimous agreement on a cap on Russian oil. The price cap is central to sanctions by the West on Russia for its war in Ukraine. The Group of Seven and Australia, which will then approve the EU’s price cap, hope to begin enforcing it on Dec. 5.Central to the Western countries’ plan is their control of much of the world’s maritime insurance, finance and shipping for Russia’s seaborne oil.Meanwhile, the Treasury Department released new details Tuesday of its long-awaited plan to impose a price cap on Russian oil.

The new guidance is meant to help firms and maritime insurers understand how to abide by the price ceiling, according to a senior Treasury official who discussed the plans on a call with reporters on condition of anonymity.

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