G7 agrees to review level of price cap on Russian oil in March -US Treasury

FILE PHOTO: An oil platform operated by Lukoil company is pictured from a helicopter carrying members of a local election committee and journalists during the early voting for the parliamentary election, at the Kravtsovskoye oilfield in the Baltic Sea, Russia September 16, 2021. REUTERS/Vitaly Nevar

Group of Seven officials have agreed to review the level of the price cap on exports of Russian oil in March, U.S. Treasury Deputy Secretary Wally Adeyemo said on Friday.

The G7 economies, the EU and Australia agreed in December to cap sea-borne exports of Russian oil at $60 a barrel as part of Western sanctions for Moscow's invasion of Ukraine. The officials also agreed to two distinct caps on Russian oil products.

(Reporting by Kanishka Singh and Timothy Gardner in Washington; Editing by Leslie Adler)