Amos Hochstein, special presidential coordinator to Joe Biden, told CNBC the G7's oil price cap had so far 'achieved our interest.'
The price cap initiative was introduced on Dec. 5, when the EU stopped taking Russian crude oil. The price scheme requires buyers outside of the G7 using Western services such as maritime routes, insurance and financing to pay no more than $60 per barrel for seaborne Russian crude oil.President Vladimir Putin last monthRussia would stop the supply of crude oil and oil products for five months to any nation that adhered to the cap, starting on Feb. 1.
Hochstein said that, while the scheme was still in its early days, "the fact that the discount on Russian oil has widened is a good thing, we hope that continues. We'll see where it takes us." He did not specify how much the U.S. believes the price ceiling initiative is costing Russia. Finland's Centre for Research on Energy and Clean Air estimates this toll is at €160 million a day.from some analysts, while it was sketched out by the G-7 and its ally Australia."not only not feasible, I think it's the most ridiculous idea I've ever heard."
"I think it's a bit early to declare total success, but I'm glad that when everybody doubted the price cap would work — I think sometimes people have a tendency to think, if it's not been done before it's not possible. I think the G7 got together, it's part of the unity of the G7, and I think so far so good," Hochstein said.
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