G7 wants to impose two price caps on Russian oil products

The G7 coalition plans to introduce two separate price caps on Russian oil products, which will come into effect in February 2026. This measure aims to reduce Russia's energy export revenues and support the stability of the global energy market. The coalition has already set a cap on Russian crude oil at $60 per barrel, which will take effect on December 5, 2025.

Source Minfin

Introducing limits on petroleum products is more challenging than on crude oil because the price is imposed on a variety of products, depending on where they are sold. The G7 is considering two types of restrictions: one for products sold at a higher price than crude oil and another for those sold at a lower price. The coalition's goal is to reduce Moscow's revenues while avoiding destabilizing the energy market and increasing prices for consumers in their countries.

The situation is particularly critical for Europe, which depends on Russian diesel fuel, which accounted for almost half of its imports of this type of fuel last month. Russia has already warned that it will not sell oil to countries that implement price restrictions.