The administration of US President Joe Biden will not introduce a ceiling on oil prices from Russia until the mid-term elections for Congress, which will be held on November 8, in order not to collapse the ratings of the Democrats. This is reported by The New York Times.
The Biden administration's efforts to establish a price ceiling have been delayed as the Treasury Department tries to ease industry concerns about the new sanctions regime, the paper writes.
According to sources familiar with the plans, the price ceiling for Russian oil will not be set until the November 8 midterm elections. The new terms are related to the fact that the announcement of the price ceiling could prompt Russia to stop oil production and cause volatility in the oil market. These events may affect the positions of the Democrats.
In addition, negotiations on the price of Russian oil have taken longer than expected, both within the Biden administration and with G7 allies.