Western countries will seek to agree to a price cap on Russian oil on Wednesday, with officials discussing a limit around $60 a barrel
kicks in early next month. Despite European reluctance at the time, the G-7 first agreed on setting the oil price cap in June following Russia’s Feb. 24 invasion of Ukraine.
“If you are introducing the price cap at $60, $65 that sounds reasonable from the point of view of our allies. But from our point of view, as I said before, we would like to see the possible minimum, which is the marginal production cost,” said Oleg Ustenko, an economic adviser to Ukrainian President Volodymyr Zelensky.
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