G7 Nations, Australia Agree to Set Fixed Price on Russian Oil Upon Concluding Cap Deal: Report

WASHINGTON, November 4 (Sputnik) - The member nations of the Group of Seven (G7) nations and Australia have agreed to set a fixed instead of a floating price for Russian oil upon concluding the price cap deal later in November, while the initial price has not yet been set, US media reported.

"The coalition has agreed the price cap will be a fixed price that will be reviewed regularly rather than a discount to an index," the report said on Thursday. "This will increase market stability and simplify compliance to minimize the burden on market participants."

While the initial price has not been set, it is expected to be agreed upon in coming weeks, the report said, citing multiple sources.

In addition, the countries agreed to regularly review the fixed price and revise it as needed, the report cited a source as saying.

In the summer, the countries of the so-called collective West discussed introducing a price cap on Russian oil. On September 2, the G7 finance ministers confirmed their intention to impose a price cap on Russian oil as part of the expansion of sanctions against Moscow. The price cap will be introduced on December 5 for oil and on February 5 for oil products.

In October, US Treasury Secretary Janet Yellen proposed a $60 price cap on a barrel of Russian oil. The White House was reviewing the terms of limiting Russian oil prices, planning to soften the conditions for applying restrictions, according to media reports.