G7 coalition may set two price caps on Russian oil products – Reuters
Starting February 5, a coalition of G7 countries may impose price restrictions on Russian oil products such as diesel fuel, kerosene and fuel oil
The Group of Seven is expected to introduce two separate price caps on Russian oil products in February 2026, Reuters reported.
One cap will apply to products that trade at a premium to crude oil, and another to those that trade at a discount.
Starting February 5, a coalition consisting of Australia, Canada, Japan, the United States, and the 27 European Union member states plans to impose price limits on Russian oil products such as diesel, kerosene, and fuel oil.
An unnamed official told the agency that setting price caps on oil products is more complex than on crude oil, as the prices of refined products often depend on the place of purchase rather than their origin.
- on September 3, the European Union lowered the ceiling price for Russian oil from $60 to $47.6 per barrel. This decision was made as part of the 18th package of sanctions against Russia.
- The restriction was also joined by Switzerland , Great Britain , Canada . Japan and New Zealand .
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