U.S. Wants Risk Premium Removed From Russian Oil Price Cap

The price for Russian crude oil under a cap discussed by the G7 should exclude a risk premium resulting from the war in Ukraine, the U.S. Treasury Department said today, adding that the cap should reflect a fair market value. The G7 agreed to impose a price cap on Russian crude oil exports last Friday, to be enforced by refusing insurance, funding, brokering, and other services for vessels carrying Russian crude unless its price is set at or below the cap that has yet to be finalized. According to the Treasury Department, the cap should be set…