G7, Australia agree on fixed price for Russian oil. #Reuters

The Group of Seven (G7) and Australia have agreed to set up a fixed price for Russian oil rather than introduce a floating rate that is also being discussed, Reuters reported on Thursday citing own sources.

The countries expect to make a decision on a price cap for Russian oil in late November.

According to the source, the G7 and Australia "agreed the price cap will be a fixed price that will be reviewed regularly rather than a discount to an index."

Following a meeting of finance ministers from the Group of Seven on September 2 in Berlin, the G7 club agreed to introduce a proposed price cap on Russian oil to limit the country’s revenues from its export. For doing this the G7 member states seek to establish a broad coalition and urge all countries that still seek to import Russian oil and petroleum products to commit to doing so only at prices at or below the price cap. Moscow warned it will suspend supplies of oil and petroleum products to states that decide to join this initiative.