Report: US official says G7 to sanction Russian oil in 3 stages

MOSCOW, Oct 4 (PRIME) -- The new sanctions of the Group of Seven leading industrial nations against Russian oil and oil products will be enacted in three stages, even though the decision on a price cap is yet to be made, Reuters reported on Tuesday quoting U.S. Assistant Treasury Secretary for Economic Policy Ben Harris.

“Harris said sanctions due to take effect on December 5 will target Russian crude oil, while later ones will focus on diesel and finally on lower value products such as naphtha,” Reuters reported.

At the same time, a decision to cap the price of Russian oil was not yet made in the context of the new G7 sanctions. The cap would have to be high enough to stimulate Russia’s production and higher than the highest production cost of the most expensive Russian oil well, he said.

End