(Bloomberg) — Officials from the US and allied nations agreed to move toward instituting price caps on Russian refined fuel products while also planning to review the level of the crude price cap in March.
(Bloomberg) — Officials from the US and allied nations agreed to move toward instituting price caps on Russian refined fuel products while also planning to review the level of the crude price cap in March.
The agreement came in discussions among officials in the price-cap coalition, according to a US Treasury statement Friday following Deputy Treasury Secretary Wally Adeyemo’s virtual meeting with other deputy ministers.
“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,” according to the statement.
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