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
Palestinian Ministry of Health: Two were martyred in Israeli shelling that targeted a besieged house in the town of Qabatiya in Jenin
At least 68 dead in migrant shipwreck off Yemen: IOM
Trump: We want to feed the people in Gaza, we do not want them to starve.
US President Donald Trump: We will impose sanctions on Russia if it does not end the war on Ukraine.
Israeli media: Polls show that 52% oppose Prime Minister Benjamin Netanyahu while only 29% support him.
Israeli media: 32% of Americans still support "Israel's" war on Hamas, while 60% oppose it.
Israeli media: Core US support for "Israel" hits its lowest, while support for Palestine reaches its highest levels.
Al Mayadeen's correspondent reports martyrs, injuries in Israeli bombardment of home in Heker al-Jame area in Deir al-Balah, central Gaza.
Al-Quds Governorate: Today, the spatial division of Al-Aqsa Mosque began in a public and dangerous manner, and we warn of a religious war in the region
The Ministry of Health in Gaza: This brings the total number of victims of famine and malnutrition to 175, including 93 children

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

Cholera devastates Darfur region amid conflict, US aid cuts

US uses tariffs to strongarm India on Russia ties

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

A rescued crew member from the ETERNITY C vessel in a video released by the Yemeni Armed Forces on July 28, 2025 (Yemeni Military Media)

Yemen Navy reveals fate of targeted Eternity C ship crew

  • Politics
  • 28 Jul 2025
An Israeli tank explodes following an ambush by al-Qassam Brigades in Gaza, Occupied Palestine, undated (Al-Qassam Military Media)

Al-Qassam strikes Israeli vehicles in Gaza, inflicts casualties

  • Politics
  • 30 Jul 2025
UAE lodges complaint against Israeli ambassador over 'misbehavior'

UAE lodges complaint against Israeli ambassador over 'misbehavior'

  • Politics
  • 1 Aug 2025
Protesters chant anti-Israeli slogans as they carry a banner that reads:" Freedom for Palestine, Alliance stop the war," during a demonstration in support of Palestinians in Gaza, outside the Israeli embassy, in Athens, Monday, June 9, 2025 (AP)

Athens mayor slams Israeli ambassador over Gaza war, graffiti claim

  • Politics
  • 3 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
A member of the al-Qassam Brigades, the armed wing of Hamas, takes part in a parade as he celebrates a ceasefire agreement between Hamas and the Israeli regime in Deir al-Balah, Gaza Strip, Sunday, January 19, 2025 (AP)
Politics

Al-Qassam: We’ll allow aid to Israeli captives if Gaza siege ends

Freed Lebanese freedom fighter Georges Abdallah during an interview on Al Mayadeen, which aired on Sunday, August 3, 2025 (Al Mayadeen screengrab)
Politics

Exclusive: Resistance key to building state, Georges Abdallah says

United Nations Secretary General Antonio Guterres gives a statement about the situation in Gaza at UN headquarters, Friday, June 27, 2025 (AP)
Politics

UN warns Gaza faces water crisis, looming famine under Israeli siege

Israeli soldiers drive their armored personnel carrier along the Gaza Strip, in southern occupied Palestine, Wednesday, July 30, 2025 (AP)
Politics

Ex-Israeli general says Gaza starvation campaign isolated 'Israel'

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