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Reuters: Group of Seven and Australia Agree on Russian Oil Prices

Moscow, November 4th/Satellite Radio. Reuters quoted sources as saying that the Group of Seven countries and Australia have agreed to set a price cap on Russian oil.

The alliance (G7 and Australia) has agreed on a fixed price cap and will regularly review it, "the source said.

This will improve market stability and simplify compliance to minimize the burden on market participants, Reuters interlocutors said.

Sources say that countries have abandoned the fluctuation of Russian oil prices. The final price will be determined later in November, the publication wrote.

Earlier, satellite radio reported on the serious impact of the Russian oil ban on the European Union.