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
Netanyahu: If Lebanese Army takes steps to disarm Hezbollah, Israel will engage in reciprocal measures, including phased reduction of Israeli military presence in Lebanon
Al Mayadeen's correspondent: Photojournalist Houssam Al-Masri martyred, reporters Hatem Omar, Mohammad Ashraf Salameh injured in Israeli strike on Nasser Medical Complex.
Israeli media: Intense US efforts are being made to resolve differences, such as the issue of the Israeli presence on Mount Hermon and in southern Syria
Israeli media: The security agreement means amending the disengagement agreement, which will also address the Druze issue
Israeli media: Attempts to reach a security agreement between 'Israel' and Syria were among the topics discussed at the Paris meeting
Israeli media: Sheikh Muwaffaq Tarif rejected a US proposal to join the recent tripartite meeting between Tom Barrack, al-Shaibani, and Dermer
Saba News Agency: Two martyred, five injured in a preliminary toll of the Israeli aggression on the Yemeni Oil Company station on Al-Sitteen Street in Sanaa
Senior Yemeni military source to Al Mayadeen: We observed a state of confusion among the enemy's aircraft squadron after Yemeni air defenses intercepted the attack
Senior Yemeni military source to Al Mayadeen: The Yemeni air defense forces succeeded in neutralizing a squadron of enemy aircraft and prevented airstrikes on some governorates
Senior Yemeni military source to Al Mayadeen: Our air defenses and missile forces forced a formation of enemy aircraft to flee the airspace

US, allies 'likely' agreed to cap Russian oil at $60-70: WSJ

  • By Al Mayadeen English
  • Source: Agencies
  • 22 Nov 2022 21:05
3 Min Read

The United States and its allies have likely agreed to impose a price cap on Russian oil despite warnings from Moscow against this step.

  • x
  • European Parliament in session
    European Parliament in session

The United States and its Group of Seven allies will likely agree soon to cap the price of Russian oil at $60-70 per barrel on Wednesday, The Wall Street Journal reported on Tuesday, citing sources familiar with the matter. It is worth noting that the price of a barrel of Brent Crude is $89.43 at the time of writing.

Later on in the day, the ambassadors of the 27 European Union member states will meet to try and reach a decision regarding the issue at hand.

The decision can only be taken if the EU unanimously votes in favor, and the G7 will be voting in parallel to the 27-nation bloc.

The price cap will be implemented on December 5 if the countries agree on its terms.

Following months of debate, the EU reached last month an agreement to impose a price cap on Russian oil sales to third countries, in an attempt to block Moscow's use of EU-registered vessels for its oil exports, all while excluding pipeline deliveries from the 8th round of sanctions on Russia, Politico Europe reported.

Earlier, US Assistant Secretary of Treasury for Terrorist Financing and Financial Crimes Elizabeth Rosenberg said the process of determining a price for the Russian oil price cap agreement has begun. Commenting on whether the price has been set for the price cap on Russian oil during a congressional hearing, Rosenberg said, "The process has begun to set the price."

Related News

Valery Zaluzhny: From Ukraine top general to presidential prospect

FP: Why the Global South won't pick sides in US-China rivalry

The EU, White House National Security Council spokesperson John Kirby said Tuesday, is still deliberating on what the Russian oil price cap level should be, with the US maintaining contact with its European allies and partners on the issue.

"I'm not going to get ahead of the EU in terms of what the cap actually is. They are still deliberating on that," Kirby told a press briefing.

"We are in touch with our EU partners about their progress towards this of course and trying to be as supportive as we can be, particularly in terms of the [price cap] implementation," the US official explained.

French President Emmanuel Macron warned in April that Europe deciding to impose a gas embargo on Russia would lead to consequences that would be seen next winter. "We will not see the consequences of this [sanctions against Russian energy resources] in the spring and summer of 2022 [as gas storages have been replenished], but next winter, we will feel them if there is no more Russian gas."

The disruptions in supply chains following Russia's operation in Ukraine and the subsequent comprehensive Western sanctions imposed on Russia caused a sharp increase in energy and food prices across the EU. 

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

In a notice, the US Treasury Department said that the price cap mechanism on Russian oil implemented by the G7 countries will offer protections for maritime service providers unknowingly involved in cases.

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
  • Nato
  • G7
  • Russia
  • US Treasury
  • Russian Oil Exports
  • European Union
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

Most Read

Tom Artiom Alexandrovich, executive director of the defense division of the Israeli National Cyber Directorate, undated (Social media)

Israeli-born US prosecutor drops Israeli officer child sex crime

  • Politics
  • 19 Aug 2025
Displaced Palestinians walk through a makeshift camp along the beach in Gaza City, Sunday, Aug. 10, 2025 (AP)

Hamas, other factions accept Egypt-Qatar ceasefire proposal: Exclusive

  • Politics
  • 18 Aug 2025
Israeli soldiers stand on the top of armoured vehicles parked on an area near the Israeli-Gaza border, as seen from southern Israel, Wednesday, Aug. 20, 2025 (AP)

Palestinian fighters target Israeli soldiers, vehicles in Gaza

  • Politics
  • 21 Aug 2025
Almost instantly after the Helsinki Accords were signed, organisations sprouted to document purported violations, whose findings were fed to overseas embassies for international amplification. (Al Mayadeen English; Illustrated by Zeinab el-Hajj)

How ‘Human Rights’ became a Western weapon

  • Opinion
  • 23 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Israeli Prime Minister Benjamin Netanyahu speaks during a press conference at the Prime minister's office in al-Quds, Occupied Palestine, Sunday, Aug. 10, 2025 (AP)
Politics

Netanyahu deliberately derailing truce with Gaza occupation: Hamas

Irish President Michael Higgins arrives to deliver his speech during a 42nd World Food Day celebration at FAO headquarters in Rome, on Oct. 16, 2023. (AP Photo/Alessandra Tarantino)
Politics

Irish president renews call for UN military intervention in Gaza

US Ambassador to Turkey and Special Envoy to Syria Tom Barrack speaks during an interview with The Associated Press at the US Embassy in Aukar, northern suburb of Beirut, Lebanon, Monday, July 21, 2025 (AP)
Politics

US envoy, Netanyahu discuss restraining attacks on Lebanon, withdrawal

Smoke billows following Israeli airstrikes in multiple areas in Sanaa, Yemen, Sunday, Aug. 24, 2025 (AP)
Politics

Ansar Allah vow sustained Gaza support despite Israeli strikes

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