The United States and European Union have agreed to cap Russian diesel products at $100 per barrel, Treasury officials said Friday, as the G-7-backed coalition prepares to launch the second phase of its price cap effort designed to limit Russia's war revenue.
The $100 cap will apply to all premium refined oil products, such as diesel fuel, and will take effect Feb. 5 alongside the EU's ban on refined Russian oil imports.It comes just 60 days after the G-7 implemented a $60 per barrel cap on Russian crude exports.
Setting a price cap on any Russian export requires unanimous agreement from both the G-7 and all EU member countries, which U.S. officials said Friday they had secured. Going forward,"reduced state energy revenues will force the Kremlin to make tough choices between whether they will fund their war or stabilize the economy," the Treasury official added.Concerns have been focused largely on where to set the price of the diesel cap and how a lower cap could risk hurting global supply.
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