The G7 has halted the plan to set a price cap on Russian oil

The Group of Seven has halted the plan to set a price cap on Russian oil.

Reuters news agency, citing informed sources, announced that the seven industrialized nations known as the Group of Seven and their allies have stopped the regular review plan for the price cap on Russian oil.

According to this report, published on Wednesday, September 6, most Russian crude oil is traded above this price cap because the price of crude oil in global markets has risen.

The Group of Seven, along with the European Union and Australia, imposed the price cap on Russian oil following Russia’s military attack on Ukraine in December last year, and this price was reviewed in February.

Initially, the member countries of the European Union had agreed to assess this price every two months and adjust it to market needs if necessary, and the Group of Seven countries also implemented a similar mechanism.

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