Russia considers oil price floor in response to cap imposed by G7: Report

Russia is considering setting a price floor for its international oil sales as a response to a cap that the Group of Seven (G7) nations set out last week.
 

Moscow is considering either imposing a fixed price for the nation’s barrels, or stipulating maximum discounts to international benchmarks at which they can be sold, according to two officials familiar with the plan.
 

There’s no visibility yet about what the precise level might be, and if it materializes traders will be focused on whether it’s above the cap level, or comfortably below. The level would be important because companies who want to access industry standard insurance and other key G7 services can only do so if they pay $60 a barrel or less. Greek oil tankers would also be off limits for above-cap cargo purchases.
 

Russia aims to offer a transparent pricing mechanism to buyers of its crude, adhering to a market-based approach to counteract the cap, one of the officials said on condition of anonymity as the discussions are not yet public. 
 

Drone hits Russia airfield
 

A third Russian airfield came under drone attack after Moscow accused Ukraine of carrying out strikes against two bases used by its long-range bombers, the deepest hit on its territory since President Vladimir Putin ordered the invasion.