WSJ: Western allies set to agree on Russian oil price cap at around $60/BBL

The Wall Street Journal is reporting that Western areas are set to agree on Russian oil price cap around $60 per barrel. However it could be as high as $7 per barrel ahead of the December 5 start date.

The sanctions that the G7, EU and Australia will set, will ban the provisions of maritime services for shipments of Russian oil unless the oil sells below the cap price.

The hope is that the Western countries are able to take advantage of their control of the world’s “maritime insurance, financing and shipping services” as a way to dictate the terms of Russia’s oil sales, and limit the price they can receive for their oil.