Two months after they agreed to explore price limits on Russian oil sales, G-7 countries are still trying to recruit more countries to join their efforts before they enter more detailed discussions about the policy’s specifics, according to U.S. and European officials.
“The coalition has to be broader, and this is the diplomatic phase [negotiators] are entering into,” said one European official, requesting anonymity to discuss sensitive deliberations. The world’s major democracies have banned the import of Russian oil.
They are now negotiating a ban on insuring and shipping Russian oil to other countries, unless the sale is below a set price.
They aim to restrict the amount of revenue the Kremlin receives, but keep Russian oil on the market to avoid supply disruptions.
Key importers of Russian oil – China, India, and Turkey – have not yet said whether they will join in the coordinated price cap or negotiate their own side deals with Russia. Their participation could determine how much leverage Western nations have to set prices.