G7 and Australia set $100 and $45 price caps on Russian oil products

The G7, the European Union and Australia announced two price caps on seaborne Russian petroleum products on 4 February: $100 a barrel for products that trade at a premium to crude and $45 for those that trade at a discount. The coalition said the caps would be implemented on 5 February or very soon afterwards, with time-limited exceptions for products loaded onto a vessel before that date. It said the caps are intended to stop Russia profiting from its war against Ukraine while supporting stable global energy markets. The coalition also said it would review the crude oil price cap in March and was ready to adjust it as appropriate.

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