The wheels have turned slowly on this price cap on Russian oil, but they have turned.
The G7, including the United States, and the EU is slated to begin implementing the price cap on sea-borne exports of Russian oil on Dec. 5, to punish Moscow for its invasion of Ukraine. The aim is to reduce petroleum revenues for Russia’s war machine while maintaining flows of its oil to global markets and preventing price spikes. A cap on exports of Russian oil products is slated to begin on Feb. 5.
the coalition will probably adjust the level a few times a year rather than monthly, a senior U.S. Treasury official said on Tuesday.
Link to Reuters here for a little more.