Industry

US Treasury explains how G7 wants to target Russian oil

Posted On: Dec 9, 2022   |   Posted By: RT

US Treasury explains how G7 wants to target Russian oil

The group of rich nations aims to limit the Kremlin's revenue from energy exports, doing so in three steps
The G7 countries' upcoming anti-Russia sanctions will target oil and petrochemicals in three phases, senior US Treasury official Ben Harris told the Argus European Crude Conference in Geneva on Tuesday.
According to Harris, as cited by Reuters, the sanctions will tackle Russian crude oil, and later ones will focus on diesel, and finally lower value products such as naphtha. He explained that the G7 sanctions should be seen by the industry as way to continue trading, and that the aim is to ensure Russian oil continues to flow.
“The price cap can be considered a release valve on the sanctions package,” Harris said, adding: “It transforms the ban from an absolute ban to a conditional ban.”
The price at which Russian oil sales will be capped has not been decided, the official noted, adding that it will be high enough to provide an incentive to maintain output, and above the marginal production cost for...

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