The Group of Seven has halted Russia’s oil price ceiling program

The Group of Seven has suspended the program to determine the price ceiling for Russian oil.

Reuters news agency reported, citing informed sources, that the Group of Seven, also known as G7, and its allies have halted the regular assessment program for the price ceiling of Russian oil.

According to this report, published on Thursday, September 6th, most of Russia’s crude oil is being traded above this price ceiling due to the high global oil prices.

Since December last year, the G7, along with the European Union and Australia, imposed the price ceiling program on Russian oil following Russia’s military attack on Ukraine, and this price was also reviewed in February.

Initially, the EU member states agreed to evaluate this price every two months and adjust it if necessary to meet market needs, and the G7 countries also implemented a similar mechanism.

However, these seven industrialized countries have not conducted a reassessment for determining the price ceiling for Russian oil since March-April, and four informed sources have told Reuters that there is no immediate plan to adjust the price.