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US Reworks Plan for Russia Oil Price Cap as Markets Sour
Posted
October 27, 2022
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October 27, 2022
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0:25Now PlayingUS officials have been forced to scale back a plan to impose a cap on Russian oil prices, following skepticism by investors and growing risk in financial markets brought on by crude volatility and central bank efforts to tame inflation.
Instead of strangling the Kremlin’s oil revenues by imposing a strict lid on prices that would have been observed by a broad “buyer’s cartel” of nations, the US and European Union are likely to settle for a more loosely policed cap at a higher price than once envisioned, with just Group of Seven nations and Australia committed to abide by it, according to people familiar with the matter.
South Korea has also privately told G-7 nations it plans to comply, the people said. G-7 officials are seeking to bring New Zealand and Norway on board as well. But it’s clear that India and China -- Russia’s most important trade partners -- will not participate, the people said.
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