Lowering Russian Oil Price Cap 'Unprofitable' for US, as Crude Costs Dip Would 'Hit Its Producers'

As part of sanctions against Russia, the $60 per barrel price cap on Russian oil went into effect last December, together with a ban on seaborne exports. The G7 nations and Australia also capped Russian crude exports, with a review to take place every two months to keep it at 5 percent below the International Energy Agency benchmark.