G7 agrees to review level of price cap on Russian oil in March -US Treasury

Group of Seven officials have agreed to review the level of the price cap on exports of Russian oil in March, U.S. Treasury Deputy Secretary Wally Adeyemo said on Friday.

The G7 economies, the EU and Australia agreed in December to cap sea-borne exports of Russian oil at $60 a barrel as part of Western sanctions for Moscow's invasion of Ukraine. The officials also agreed to two distinct caps on Russian oil products.