Russia considers setting oil price floor in response to G7

Business

Russia is considering setting a price floor for its international oil sales as a response to a cap imposed by G7 nations, Bloomberg News reported on Tuesday.

Moscow is considering either imposing a fixed price for the nation’s barrels, or stipulating maximum discounts to international benchmarks at which they can be sold, the report added, citing two officials familiar with the plan.

The G7 price cap on Russian seaborne oil came into force on Monday as the West tries to limit Moscow’s ability to finance its war in Ukraine, but Russia has said it will not abide by the measure even if it has to cut production.