G-7 Agrees to Expand Sanctions on Russian Oil Industry

The U.S. and its allies agreed to cap the sales price of premium Russian petroleum products such as diesel at $100 a barrel and limit low-value ones such as fuel oil to $45 a barrel, expanding their sanctions on Russia’s oil industry.

Just as with the $60 a barrel price cap on Russian crude that the West imposed last year, the agreement will bar Western firms from handling seaborne cargoes of Russian oil products unless they are sold below the set prices. The sanctions aim to keep Russian oil available on global markets to keep prices steady, while also reducing the Kremlin’s revenue in response to its invasion of Ukraine.