The Power Within: The Kyiv Independent’s first-ever magazine. Be among the first to get it.

pre-order now
Skip to content
Edit post

US-led price cap coalition agrees to review level of Russian crude price cap in March

by The Kyiv Independent news desk January 21, 2023 3:16 AM 2 min read
This audio is created with AI assistance

U.S. officials and allies agreed to move toward price caps on Russian refined fuel products, agreeing to review the level of the Russian crude oil price cap in March, the U.S. Treasury said in a statement.

Deputy Secretary of the Treasury Wally Adeyemo on Jan. 20 met with deputy ministers representing the global coalition of countries imposing the price cap on seaborne Russian crude oil, known as the Price Cap Coalition.

"The Deputies agreed to an approach for refined products that will institute two distinct caps, in addition to the crude cap: one cap for products that generally trade at a premium to crude, such as diesel or gasoil, and one for products that trade at a discount to crude, such as fuel oil," the statement read.

The EU will implement an embargo on Russian oil products starting from Feb. 5. The EU imported around 220 million barrels of diesel-type products from Russia in 2022, according to Vortexa Ltd. data compiled by Bloomberg.

On Dec. 5, G7 and the EU implemented a $60 per barrel price cap on Russian seaborne oil in order to limit the Kremlin's ability to fund its aggression against Ukraine.

Some EU countries, including Poland and Estonia, have pushed for a price cap even lower than $60. President Zelensky said at the time of the cap was implemented that it was "comfortable for Russia's budget."

Since the EU, the U.K., and the US have already banned the imports of Russian seaborne crude, the price cap mostly applies to other countries that still buy Russian oil. Insurers for the oil market, which are mostly based in the West, are banned from dealing with Russian oil priced above the cap.

Ukraine war latest: Ramstein ends disappointingly for Kyiv as Ukrainian troops hold out Russia’s assault near Bakhmut

News Feed

8:06 AM

Zelensky arrives in South Africa to meet President Ramaphosa.

"We count on South Africa’s meaningful participation in the International Coalition for the return of thousands of Ukrainian children abducted by Russia. We will also certainly strengthen our cultural and educational ties," President Volodymyr Zelensky said.
5:30 AM

Trump says he may meet Putin 'shortly' after May Middle East visit.

Despite ongoing ceasefire negotiations, Trump and Putin have yet to have direct contact, communicating only through their officials. Trump's last in-person encounter with his Russian counterpart was during the 2018 Helsinki Summit during the U.S. president's first term.
8:08 PM

Ukrainians react to US proposal of recognizing Crimea as Russian.

The U.S. media outlet Axios reported on April 23 that the U.S. President Donald Trump administration's final proposal for ending the Russia-Ukraine war included the U.S. de jure recognizing Russia's annexation of Crimea and de facto recognizing its control of other occupied Ukrainian territories. We asked Kyiv residents for their reactions to the U.S. proposal.
7:21 PM  (Updated: )

Trump says 'nobody is asking' Ukraine to recognize Crimea as Russian.

"Nobody is asking (President Volodymyr) Zelensky to recognize Crimea as Russian Territory, but if he wants Crimea, why didn’t they fight for it eleven years ago when it was handed over to Russia without a shot being fired?" U.S. President Donald Trump wrote.
MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
Subscribe
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required
Subscribe
* indicates required
Explaining Ukraine with Kate Tsurkan
* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.