The countries behind the $60-per-barrel Russian crude export price cap will carry out a price review in March after introducing two new mechanisms for oil products, says the US Treasury.

The G7 group of nations, the European Union and Australia introduced the price cap on 5 December to try to limit Moscow’s revenues from oil exports while ensuring that emerging economies secured cheap Russian barrels.

European shipping interests, including owners, financiers and insurers, can join the Russian trade to third countries only if the oil is sold below the level of the cap.