OREANDA-NEWS  The G7 countries (Great Britain, Germany, Italy, Canada, USA, France and Japan) and Australia have agreed to set a fixed ceiling on prices for Russian oil. This is reported by Reuters with reference to sources.

The coalition agreed that the price cap would be a fixed price, which would be regularly reviewed, and not a discount to the price index.

Linking the price as a discount to any index, according to the agency's interlocutors, would lead to too much volatility and possible price fluctuations. At the same time, a fixed price will increase market stability and simplify compliance to minimize the burden on market participants, experts say.

According to several sources, the price has not yet been set, it should be approved in the coming weeks. The countries also agreed to regularly review the fixed price "as needed".