US, Allies Agree to Review Russian Crude Price Cap in March (1)

Officials from the US and allied nations agreed to undertake a review of the level of the Russian crude price cap in March and to move toward instituting price caps on Russian refined fuel products.

The agreement came in discussions among officials in the price-cap coalition, according to a US Treasury statement Friday, following US Deputy Treasury Secretary Wally Adeyemo’s virtual meeting with other deputy ministers.

Some EU member states, including Poland and Estonia, have pushed for a price cap even lower than the current $60 per barrel, to further limit Russian revenues. But the US has pushed to ...