Australia and the G7 countries agreed to introduce a price ceiling for Russian oil, setting it at $60 per barrel. This was reported in the press service of the US Ministry of Finance.
"The G7 and Australia, as members of the price ceiling coalition, reached a consensus on December 2 on a maximum price of $60 per barrel for Russian oil transported by sea," the statement said.
The decision will take effect on or shortly after December 5.
The price cap coalition (EU, Australia and the G7) will next week introduce restrictions related to Russian oil, including a ban on marine insurance. The measures will not take effect if buyers purchase oil from the Russian Federation at a price of $60 per barrel or below," the press service noted.
The department also reported that a maximum price will be set separately for oil products with high and low cost.
"We confirm our intention to gradually abandon crude oil and oil products of Russian origin on our domestic markets. This commitment remains unchanged after the introduction of the price ceiling," said representatives of Australia and the G7 countries
Earlier, the EU member states also agreed on the price at this level, and Poland withdrew its objection and proposal to set a lower threshold.
"Together, the G7 EU and Australia have now jointly established a price ceiling for offshore Russian oil that will help us achieve our goal of limiting Putin's main source of revenue for his illegal war in Ukraine, while maintaining the stability of global energy markets," the agency said.
The decision is also aimed at minimizing the negative economic consequences of the invasion of the Russian Federation.