Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Iran's judiciary says 71 killed in Israeli strike on Evin Prison
Trump: Make the deal, get the hostages back
Al Mayadeen's correspondent: 67 Palestinians were martyred in 24 hours in the Israeli aggression on the Gaza Strip
Israeli media: For the first time, Prime Minister Netanyahu is signaling that he wants to end the war on Gaza
Israeli Channel 12, citing an American source: We want to have entered a path toward captive release and a ceasefire before Netanyahu arrives in Washington
Lebanese Ministry of Health: One martyr and two injured in the Israeli airstrike that targeted a motorcycle in the town of Mahrouna
Al Mayadeen correspondent to Southern Lebanon: An Israeli drone strike targeted a vehicle between the towns of Jwayya and Mahrouna.
Al Mayadeen's correspondent in South Lebanon: One martyred in the Israeli drone strike on a car in the town of Kawnin
Al Mayadeen's correspondent in South Lebanon: Israeli drone targets a car in the town of Kawnin
Naeini: If our national interests are attacked again, our response this time will be stronger and more destructive

Going against allies desire, US hesitant to lower Russia oil price cap

  • By Al Mayadeen English
  • Source: Bloomberg
  • 19 Jan 2023 20:32
  • 1 Shares
3 Min Read

The Bloomberg report says that despite some EU countries pushing for the decision, it will not likely go through unless supported by the US.

  • x
  • dasd
    Image illustrating an oil tap behind it the flag of the European Union (L) and the Russian flag (R)

Bloomberg revealed on Thursday that the US is hesitant to approve a lower price cap on Russian oil, despite some EU countries urging for directing further cuts to Russia's energy profits.

According to the report, citing people with knowledge on the matter, Washington will review the price cap on Russia's crude oil only after the G7 adopts price caps on Russian oil derivatives, such as diesel.

Read more: Price cap on Russian oil exports 'unviable, unenforceable': Expert

Earlier in December, the G7 nations and Australia adopted a price cap of Russian crude oil of $60 per barrel, which includes a price review mechanism that will keep the price cap at 5% below the market value.

As a result of the price cap decision, companies would be prohibited from providing shipping and insurance, brokering, and financial assistance, which facilitates the transportation of Russian oil unless it sells below the agreed threshold, which, in the case that Russia sells at price cap, would theoretically enable countries to profit on the difference between Russia's oil price and world market prices.

Ukrainian President Volodymyr Zelensky commented on the decision by saying it is not "serious" and "quite comfortable" for Moscow.

Baltic nations also expressed opposition to the idea that a price cap should be set above $50 per barrel, a Politico report revealed last December.

Related News

Musk blasts Trump’s spending bill advanced by GOP-controlled Senate

Trump: Netanyahu trial threatens Gaza ceasefire, regional diplomacy

US diplomats negotiated with Baltic officials to convince the Visegrad Group, which is composed of the Czech Republic, Hungary, Poland, Slovakia, and the Baltic nations to agree to the amount of $60.

Poland was particularly staunchly opposed to the price cap being set this "high" trying to hold out for a lower level of $30 before finally agreeing to the $60.

Some European countries, in particular Poland and Estonia, have advocated for a lower price cap, while others have expressed concerns about the economic impact of such a move, the report said then.

Read more: Putin warns 'no gas, no oil' to if prices capped

Bloomberg added that the oil price cap is expected to be reviewed by the EU next week.

A G7 official told the news site that if Washington does not support lowering the price cap, being the leading force behind the decision, it is unlikely to pass.

The change would need a unanimous vote in favor, the report noted.

Russia had pledged to stop exporting its oil to countries that would apply price caps on its oil.

Meanwhile, those who violate the price cap on Russian oil exports will suffer consequences under the domestic law of the jurisdictions enforcing the quota, according to US Deputy Treasury Secretary Wally Adeyemo.

  • United States
  • Russian oil
  • Russia
  • US
  • EU
  • Price cap
  • European Union

Most Read

Iranian President Masoud Pezeshkian attends a protest following the US attacks on nuclear sites in Iran, in Tehran, Iran, Sunday, June 22, 2025. (AP)

Iran declares victory as ceasefire forces Israeli retreat

  • Politics
  • 24 Jun 2025
Israeli workers survey the site where a missile launched from Iran struck in Haifa on Sunday, June 22, 2025. (AP)

True Promise 3, wave 20: 40 missiles launched, Kheibar-Shekan in first

  • Politics
  • 22 Jun 2025
Iran launches strikes on Israeli targets, despite alleged ceasefire

Iran victorious as ceasefire with 'Israel' takes effect

  • Politics
  • 24 Jun 2025
Iranian worshippers carry their country's flags in a protest to condemn Israeli attacks on multiple cities across Iran, after the Friday prayers ceremony in Tehran, Iran, Friday, June 20, 2025. (AP)

Iran warns of NPT withdrawal, Strait of Hormuz closure after US attack

  • Politics
  • 22 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
In this June, 12, 2021, file photo, former Secretary of Iran's Supreme National Security Council Ali Shamkhani sits in a meeting in Tehran, Iran.
Politics

Iran strategically foiled Israeli-US scheme, Advisor Shamkhani says

Sheikh Naim
MENA

Let no one think they can subjugate Hezbollah: Sheikh Qassem

Screengrab from a video published by the al-Qassam Brigades shows confrontations with the Israeli occupation forces in Gaza, undated (Al-Qassam Brigades Military Media)
Politics

Al-Qassam releases video of deadly ambush with Israeli forces in Gaza

International Atomic Energy Agency (IAEA) Director General, Rafael Grossi, attends an IAEA Board of Governors meeting in Vienna, Austria, Monday, June 23, 2025 (AP)
Politics

Iran bars IAEA chief Grossi from nuclear facility inspections

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS