The G7 countries, the European Union and Australia agreed to set two price ceilings for oil products from Russia in response to its invasion of Ukraine.

They will also review the price limits for Russian oil exported by sea, according to the US Treasury.

From February 5, the coalition plans to set two price "ceilings" for petroleum products from the Russian Federation.

According to the statement of the US Treasury, one "ceiling" of prices will be established for Russian petroleum products, which are usually traded at a premium to crude oil (diesel fuel, gasoline), and another - for products that are usually traded at a discount to crude oil (fuel oil). .

It is expected that such a restriction will come into effect on February 5.

The representatives of the countries agreed that this approach will allow for more accurate setting of the limit prices, because it takes into account the wide range of prices at which Russian oil products are traded.

Taking into account the changes that will take place on the world market after that, the countries will review the "ceiling" of prices for Russian tanker oil in March.

Since December 2022, it has been at the level of 60 dollars per barrel.

The price ceiling means that the G7 countries, the European Union and Australia now provide services related to Russian tanker oil only if it is purchased at $60 per barrel or below.

Services include, in particular, mandatory insurance of marine transportation of fuel.

The countries have set a price ceiling to reduce Russia's revenue from the sale of oil products that help it continue its war in Ukraine, while at the same time preventing supply cuts and a jump in world oil prices.

The United States and the European Union refused to buy Russian tanker oil, so these measures are "especially important for low- and middle-income countries that have suffered greatly from the consequences of Russia's war in Ukraine."

In response, Russian President Vladimir Putin banned the sale of Russian oil and oil products to countries that agreed to a price ceiling.

At the same time, the oil of the Russian brand Urals is currently traded on the world market below the "ceiling" of prices, and analysts note that after its introduction, the export of Russian oil has decreased significantly.