Western officials finalising plans to impose cap on Russian oil prices
Yarakta Oil Field, Russia
The United States and Western officials are putting the finishing touches on plans to impose a ceiling on Russian oil prices, amid a warning from the World Bank that any proposal will require active participation from emerging market nations in order to be successful.
Officials claimed that no price range had been chosen, but a source acquainted with the negotiations stated that the cap would be set at the historical average of $63-64 per barrel, which may serve as a logical upper limit.
Such a price is consistent with recent remarks made by Treasury Secretary Janet Yellen, who said that a price cap in the $60 to $70 range would encourage Russia to continue oil production.
The price cap has been viewed by the administration of President Joe Biden as a strategy to reduce oil earnings for Russia, a significant source of funding for its conflict with Ukraine while maintaining Russian oil flow and preventing price spikes.
Prior to the scheduled December 5 implementation of a European oil embargo against Russian oil and related limitations on the shipping and insurance of seaborne oil, the real price will be decided in the upcoming weeks.
Reports of any price range, according to a senior Biden administration official, are false, although they didn't go into further detail.
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US officials reacted angrily to a Bloomberg News report citing anonymous sources that claimed they had been forced to cut back plans for the price ceiling, with fewer countries taking part and a higher price level.
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Since many weeks ago, the administration has been telling reporters that the price cap is already having an impact by enabling nations to seek greater concessions from Moscow.
According to Bloomberg, South Korea has discreetly informed the other G7 countries that it intended to comply, and G7 officials were also reportedly working to get New Zealand and Norway to join the cause.
According to Western diplomats, the price cap is already giving India and other Russian oil consumers more negotiating power with Moscow, enabling them to obtain favourable prices.
(with inputs from agencies)