Officials from the Group of Seven (G7) economic alliance have agreed to meet next March to review the level of Russian crude oil pricing. US Treasury Deputy Secretary Wally Adeyemo said this on Friday. News from Reuters.

The U.S. Treasury said Group of Seven officials agreed to review the level of pricing of Russian oil exports in March earlier than originally planned to give the market time to assess after higher caps on Russian oil products were imposed.

Earlier, the G7 as well as the EU and Australia agreed on Dec. 5 to cap seaborne exports of Russian oil at $60 a barrel as part of Western sanctions over Moscow’s aggression in Ukraine. Officials also agreed to two separate caps on Russian oil products.

On the other hand, the alliance plans to set two caps on Russian oil products on February 5. One of these is crude products like diesel or gas oil and the other is crude products like fuel oil.

US Deputy Treasury Secretary Wally Adeyemo said after meeting virtually with coalition officials on Friday, ‘Deputies agreed that the approach would better calibrate pricing policy for refined products in light of the broader market value of trade in these products.’

The oil price cap has two goals, Treasury officials said. Reducing Russian revenues by institutionalizing heavy discounts on oil bought by big customers like China and India and ensuring well-supplied global oil markets. The review will continue as long as pricing continues to meet the alliance’s dual objectives.’

(21 January)