The price should also be set above the marginal production cost of Russian oil and take into account historical prices accepted by the Russian market, the official added.
Experts say that could imply a potential cap at around $60 a barrel as Russian Urals crude, based off of benchmark Brent, sold for $50 to $70 a barrel in 2019.
Moreover, countries participating in the price cap plan must deny insurance, finance, brokering and other services for oil cargo priced above a yet to be set price cap.
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