G7 members have agreed to cap a fixed price on Russian oil exports rather than a price set at a discount to a benchmark, according to Reuters reportedciting an unnamed source familiar with the discussions.

The price itself has yet to be determined, the source said, adding that according to the G7, “this will increase market stability and simplify compliance to minimize the burden on market participants.”

Previously, a price range in the mid-1960s was said to be possible…

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