OREANDA-NEWS The U.S. Treasury said that at a meeting of G7 finance ministers this week will propose that EU countries impose duties on oil supplies from Russia as an alternative to a complete embargo on Russian oil, according to a report by Gazeta.ru.

According to the ministry, the duties will maintain the presence in the market of Russian oil, but will limit the income Russia receives from exports. Such a measure would have a more rapid effect than the planned 2023 ban on oil imports from Russia, said the Finance Ministry.

Earlier it was reported that the futures price of benchmark crude oil Brent with delivery in July 2022 at the London stock exchange ICE rose by 0.7%, trading at $ 115 per barrel. This is evidenced by data from the trading platform. As of 04:29 Moscow time, Brent was at $115.05 a barrel.

The last time the price of Brent was higher than $115 on March 27 of this year.

Analysts point out that oil prices rose in particular, amid optimism about the significant recovery in demand in China after positive signs of weakening pandemic coronavirus in the most affected areas of the country.