Russia Mulls Options in Response to Oil Price Cap
Russia is mulling the prospect of installing a price floor for international oil sales in retaliation for the price cap imposed on Russian oil set by G-7 nations, Bloomberg reported. Moscow is weighing two options: a fixed price for Russian…
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oil or imposing maximum discounts to international benchmarks. There is no information yet about what the exact level may be. One of the unnamed officials told Bloomberg Russia is looking to install a market-based transparent pricing mechanism for oil buyers to respond to the price cap, as Moscow does not want to alienate neutral states. The discount approach would set a "maximum discount of Russian oil to global benchmarks, which the nation’s crude producers will not be allowed to exceed," Bloomberg reported. The discount, along with the other option of a fixed price, would be regularly revised.